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Wall Street closes higher; S&P 500 hits 3000 for first time as Fed chief signals rate cut ahead Updated: 2019-07-11 05:04:44 KST

Stocks on Wall Street reached record highs after testimony from Federal Reserve Chair Jerome Powell bolstered the case for easier monetary policy in the U.S.
The S&P 500 briefly broke above 3-thousand for the first time, while the Dow and the Nasdaq Composite also hit all-time highs.

"We're definitely looking at least one interest rate cut and possibly two by the end of the year, which is basically what the market's saying anyway. So, Powell has completely changed his tune. He's understanding that the markets don't need higher rates, if we want to avoid a recession. So, since the Fed has been the cause of recession pretty much every cycle, this is very good news for the markets."

At closing bell, the Dow Jones Industrial Average rose point-3 percent, the S&P 500 point-4-5- percent to 29-93 and the Nasdaq Composite added three-quarters of a percent.

In commodity markets, oil prices surged 4.5 percent a barrel to their highest level in more than month as U.S. crude inventories shrank more than expected and as major producers evacuated rigs in the Gulf of Mexico before a storm.
Brent crude futures settled at 67 dollars and one cent a barrel, up two dollars and 85 cents and the U.S. WTI crude futures climbed two dollars and 60 cents at 60-43 a barrel.
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