U.S. stock benchmarks Thursday morning surged toward records as the Federal Reserve signaled that policy easing may be forthcoming to sustain the economy.
The Dow Jones Industrial Average jumped 250 points, or 0.9%, at 26,750, the S&P 500 index rose 0.9% at 2,951, briefly setting a new record intraday peak at 2,956.11 for the first time since May 1, while the Nasdaq Composite Index advanced 1.1% at 8,072, putting the technology-heavy index about 1% short of its May 3 record.
Fed Chairman Jerome Powell on Wednesday strongly implied that the central bank would cut benchmark interest rates, currently at a range of 2.25%-2.50%, in the coming weeks if the economic outlook buffeted by U.S.-China trade tensions doesn't show signs of improvement.
In corporate news, Slack Technologies Inc. is set to make its debut on the New York Stock Exchange in a highly anticipated direct listing of the enterprise software company.
Source : Market Watch