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Wall Street Rebounds on Rate-Cut Hopes


Tuesday, 4 June 2019 23:29 WIB

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U.S. stocks rose on Tuesday, led by a rebound in the technology sector, as Federal Reserve Chair Jerome Powell said the central bank would act "as appropriate" to trade war risks, leaving the door open for a possible rate cut.

A day after St. Louis Fed chief James Bullard said a rate cut may be warranted soon, Powell said the Fed was "closely monitoring the implications" of a trade dispute that has disrupted global markets and posed risks to growth.

Wall Street's main indexes have shed more than 6 percent in May on fears of a recession as trade tensions between the United States and China show little signs of easing.

Also helping sentiment was a Washington Post report that Republican lawmakers may vote to block new tariffs on Mexican goods threatened by President Donald Trump.

The tech-heavy Nasdaq confirmed correction territory on Monday, having lost 10.3% since its record closing high on May 3. The S&P 500 is 6% away from its all-time high hit on May 1.

At 11:24 a.m. ET the Dow Jones Industrial Average was up 412.29 points, or 1.66%, at 25,232.07, the S&P 500 was up 40.48 points, or 1.47%, at 2,784.93 and the Nasdaq Composite was up 135.40 points, or 1.85%, at 7,468.42.

Source : Reuters


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