Dow poised to extend powerful rally driven by hope for Fed interest-rate cuts
Stocks on Wednesday were poised to extend a potent advance after Federal Reserve Chairman Jerome Powell implied that the central bank would cut borrowing costs if financial conditions showed signs of weakening from tariff tensions.
What’s driving the market? Fed Chairman Powell on Tuesday said the central bank was monitoring recent escalation in U.S. trade tensions and signaled a willingness to “act as appropriate” to sustain domestic economic expansion, which has showed signs of waning as Washington wages tariff disputes on multiple fronts.
Commerce Secretary Wilbur Ross told Bloomberg News on Tuesday that the U.S. will take steps to ensure that it isn’t cut off from rare-earth supplies. At 2 p.m. the Fed will release its Beige Book, an anecdotal account of business conditions in the central bank’s districts. Which stocks were in focus? Shares of Apple Inc. AAPL, +3.66% may be in focus on Wednesday after the CEO of the iPhone maker, Tim Cook, declared that his company isn’t a monopoly, speaking with CBS News reporter Norah O’Donnell.
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