Wall Street arises after Powell's speech

NEW YORK (APN) – The United States stock exchanges have firmly taken the lead in afternoon trading in New York. Investors reacted to a speech by Fed Chairman Jerome Powell. It is also hoped that the United States and China will come closer during the last trade dispute at the weekend's G20 summit.

The Dow Jones index rose 2% at about 7:30 pm (Dutch time). 25,238 points. The S & P 500 broadly gained 1.7% to 2726 points and the Nasdaq technology advisor gained 2.1% to 7230 points

The central banker Powell said that interest rates in the United States were only slightly below the neutral level. This has caused speculation on Wall Street that the Federal Reserve could pause earlier than expected by gradually raising interest rates.

Chinese tourists

Wandering tensions between China and the United States also seem to bring relief. An industrial group such as Caterpillar and Boeing, which supplies many planes to Chinese airlines, was very popular, with 4% or more.

The Salesforce software maker also jumped more than 7% in price. The quarterly figures of the company were much better than those calculated on average by connoisseurs. The Tiffany jewelry chain had only 11% less. Chinese tourists in particular keep their hands on the cup.

Takeover

Ford (plus 0.6%) also attracted attention. The automaker has announced several changes in the organization. With that, Ford wants to reduce costs and increase production. Unlike General Motors (GM), which had already cut 14,000 jobs earlier this week, no job will be lost at Ford.

The Sears chain of stores lost 1.6%. It seems that the hedge funds of President Eddie Lampert and investor Cyrus Capital Partners are preparing a takeover to keep the Sears crisis afloat.

The euro was worth 1,1373 USD, against 1,1284 USD for the fence. European stock markets earlier in the day. A barrel of American oil became 1% cheaper at $ 51.09. The price of a barrel of brent fell 0.9% to $ 59.73 per barrel