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Stocks Hit Record at Close as Treasuries Retreat: Markets Wrap

  • Powell suggests there’s room to ease; banks, techs surge
  • Trump trade tweet tempers share tear; oil rally stalls out
Bloomberg business news
Federal Reserve Chair Jerome Powell testifies before the Senate Banking Committee in Washington.(Source: Bloomberg)
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U.S. equities rallied late to close at a record high, while Treasuries retreated after the latest American inflation reading came in hotter than anticipated. The dollar dropped for a second day and gold slipped.

The S&P 500 gained for a straight third day after drifting much of the session. The benchmark briefly crossed above 3,000, while the Dow Jones Industrial Average surpassed 27,000. A mid-morning tweet from President Donald Trump, complaining about China trade policy, sent equities into a fleeting swoon and showed how sensitive the market remains to trade-related developments. Financial and technology shares led gainers in the the S&P, while real estate and communications lagged.