Fed, Trump and Powell
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A healthy crop of earnings helped European stocks bust out of a four-day losing streak on Thursday, Wall Street was watching Netflix and the dollar bounced after U.S. President Donald Trump quashed talk he was about to fire Fed head Jerome Powell.
This past April, when President Donald Trump started flirting with the notion of firing Fed Chair Jerome Powell, stocks and the dollar tumbled because investors worried that even talking about such a move crossed a red line.
What Happened in Markets Today The debate on the Fed continued. Former Federal Reserve governor Kevin Warsh, a potential nominee to succeed Fed Chair Jerome Powell, said on CNBC that the Fed should stay independent.
The Nasdaq Composite rose to a record high on Thursday, with Wall Street's other major indexes also advancing, as strong economic data and positive earnings reports cheered investors. U.S. retail sales bounced back sharply in June,
Wall Street rose to records on Thursday following better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies.
Airline sector shows resilience with strong demand and positive earnings, indicating robust consumer and corporate spending despite earlier geopolitical concerns. Netflix reporting after close, remains a streaming leader, but valuation concerns persist; overall, stocks continue mild melt-up with benign retail and jobless data supporting stability.
The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results.
Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.
The S&P 500 is on the cusp of a new record high following the central bank’s dovish forecast on interest rates. But some market watchers are questioning the durability of the rally.
U.S. stock indexes are ticking higher on Wednesday following a better-than-expected update on inflation across the country.