Stocks Rise on Prospects for a Rate Cut

Dow ends day up 76

By Newser Editors and Wire Services

Posted Jul 10, 2019 3:14 PM CDT

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Stocks Rise on Prospects for a Rate Cut — In this June 18, 2019, file photo specialist Dilip Patel works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

Stocks rose and bond yields fell as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade, the AP reports. Technology companies led the way higher Wednesday, helping the Nasdaq close at a record high. Western Digital rose 5%. Fed Chairman Jerome Powell said many Fed officials believe a weakening global economy and rising trade tensions strengthens the case for a rate cut. The S&P 500 rose 13 points, or 0.5%, to 2,993. It briefly traded over 3,000 for the first time. The Dow Jones Industrial Average gained 76 points, or 0.3%, to 26,860. The Nasdaq added 60 points, or 0.7%, to 8,202. The dollar fell and the price of gold rose. (Read more stock market stories.)