S&P 500 set to open at record high on dovish Fed

S&P 500 set to open at record high on dovish Fed

The Nasdaq Composite added 0.8% to finish at 8,051.34.

The rally came as investors balanced optimism over the possibility that the Federal Reserve may cut interest rates in response to a slowing economy with jitters about the prospects of dimmer corporate profits should a severe slowdown take hold.

Wall Street's main indexes have gained in recent weeks on expectations of a rate cut and hopes of a revival of trade talks between the United States and China.

Oil prices rallied about 1% on fears that a US military attack on Iran that would disrupt flows from the Middle East, which provides more than 20% of the world's oil output.

Those worries continued to fuel demand for bonds.

After Powell's comments, the USA 10-year Treasury yield slipped as low as 1.97 percent, the first time the benchmark has fallen below 2 percent since November 2016.

Banks climbed as long-term bond yields rose, which makes it easier for banks to charge higher interest rates on mortgages and other kind of loans.

At 11:18 a.m. ET, the Dow Jones Industrial Average was up 39.27 points, or 0.15%, at 26,504.81 and the S&P 500 was down 0.23 points, or 0.01%, at 2,917.52.

The S&P 500 rose 1 point to 2,955.

Tehran had received a message from President Donald Trump, delivered through Oman overnight, warning that a USA attack was imminent but adding he was against war and wanted talks, Iranian officials told Reuters on Friday.

The market's recovery gained momentum this week after the central bank said on Wednesday that it stands ready to cut interest rates.

Trump said on Friday he aborted a military strike on Iran in response to Teheran's downing of a U.S. drone, but the possibility of a USA retaliation pushed crude prices higher and helped lift the energy sector by 0.82 percent.

Trump said he had aborted a military strike on Iran because such a response to Tehran's downing of an unmanned USA surveillance drone would have caused a disproportionate loss of life.

The NASDAQ Composite on Friday fell 19.63 points, or 0.2 percent, to 8,031.71, but surged 3 percent from 7,796.66 on June 14. The drone shooting follows last week's attack on two oil tankers near the Gulf of Oman. Many investors and economists are hopeful about a future rate cut helping the USA stock market.

Benchmark U.S. crude oil lost 24 cents to $56.85 per barrel in electronic trading on the New York Mercantile Exchange, up from its close Thursday of $57.07.

Brent crude oil, the global standard, rose 1.2% to close at $65.20 a barrel.

Shares of American Express rose over 1 per cent, after Bank of America Merrill Lynch gave the financial services provider a "buy" rating, as the leading investment bank remained bullish on the company's brand strength and growth potential. South Korea's Kospi declined 0.3% to 2,125.62 and in Australia, the S&P ASX 200 declined 0.6% to 6,650.80.

The dollar fell to 107.08 Japanese yen from 107.28 yen on Thursday.



Related Posts

Twitter Reacts To The Biggest Moments From The 2019 NBA Draft
It seems teams had a significant concern regarding the health of Bol, which is why he fell so fast and so low during the draft. Denver has a young nucleus that includes Michael Porter Jr ., the No. 14 selection last June who sat out the 2018-19 season.

Turkey to take delivery of Russian missile systems in July
Turkey plans to buy 100 US F-35s and its defence industry has ploughed significant sums for the manufacture of the warplanes. Erdogan said Turkey would appeal to global courts and ask for its F-35 payments to be refunded if needed.

Jean Carroll accuses Trump of sexual assault in 1990s
Jean Carroll alleges the USA president sexually assaulted her when she met him in Bergdorf Goodman in late 1995 or early 1996. He was ousted a year ago amid similar allegations. "If anyone has information that the Democratic Party is working with Ms.

The Headphone Jack May Survive on the Samsung Galaxy Note 10
Arun Maini created the image as a theory on what the phone would look like, if Samsung chose to create the special edition device. Corroborating previous leaks, one of the duo will be 5G enabled, while the other with no 5G will get a unique camera system.

Kim Jong Un considers ‘interesting’ letter from Donald Trump
But South Korea's presidential Blue House said it was aware of the correspondence through its communication with Washington. With all I've done and the success I've had, the way that Time magazine writes is absolutely incredible", he said.

Trump blacklists more China tech companies days before Xi summit
An AMD spokesperson said the company was reviewing the order "to determine next steps related to our joint ventures ". Talks to resolve the dispute broke off last month. "However, the Chinese may see this as ill-timed bullying".

White House unveils $50B Peace to Prosperity plan for Palestine
The White House cast the plan - to be discussed in more detail in Bahrain with finance chiefs of Gulf Arab states - as historic. The economic revival plan would take place only if a political solution to the region's long-running problems is reached.

Nashville Predators trade PK Subban to New Jersey Devils
Tampa Bay shed the remaining four years of Miller's $26.25 million contract by sending him to Vancouver . LeBrun reported that the Predators do not retain any of Subban's contract in the deal.

China's Xi Jinping pushes economic reform at North Korea summit
Chinese President Xi Jinping has offered encouragement for North Korea's focus on economic development in a speech in Pyongyang . That message will prove important as Xi prepares for a meeting with Trump next week on the sidelines of the G-20 in Japan.

Magnificent Malinga sparkles as Sri Lanka stun England
It's an attacking revolution that has been created to peak for England to claim its first World Cup title on home soil. Everything seemed to be falling into place for Eoin Morgan's England team at the Cricket World Cup .

© 2015 ExpressNewsline. All Rights reserved.