New records set – 10th February 2020
Wall Street’s S&P 500 index closed up at a new record high Monday of: 3352, virtually ignoring fears surrounding the coronavirus outbreak. Nasdaq set a new record too.
S&P 500 closed up at an all time high of: 3352
Nasdaq closed up at an all time high of: 9623
Anxious
Anxiety about the virus has been countered by stronger than expected U.S. corporate earnings and the expectations that global central banks will step in to support economic growth. Stocks therefore, continue to climb!
Never fear – a central bank is near…
Fed Chair, Powell heads to Capitol Hill for a two day visit to answer questions about risks in the economy, namely the affect the coronavirus outbreak may have short and long term.
Jerome Powell is slated to testify before the House Financial Services Committee on Tuesday and then the Senate Banking Committee on Wednesday.
He will most likely face questions regarding the possible impact that the coronavirus will likely have on the U.S. economy.
Will the Fed interest rates again an time soon, the markets seem to think so?