Wall Street shrugs off Macy’s, rallies for fifth session

Jan 10 21:01 2019 Print This Article

(Reuters) – Wall Street extended its rally into a fifth straight day on Thursday in a session of whipsaw trading as investors responded to mixed comments by Federal Reserve Chairman Jerome Powell, while a warning from Macy’s pummeled retail stocks.

Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. But major stock indexes temporarily moved into negative territory after Powell said the bank’s balance sheet would be “substantially smaller,” and after he raised concerns about the size of U.S. debt.

“That’s what spooked the market a little bit. It’s more of a commentary on the entire economy as a whole,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.

The S&P 500 .SPX is up over 10 percent from a 20-month low it touched around Christmas, lifted by hopes for a U.S.-Chinese trade deal, which eased some worries over the impact of the dispute on global growth. The benchmark index’s five-day winning streak is its longest since September.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Schedule for Week of June 16, 2019

The key reports this week are May housing starts and existing home sales.For manufacturing, the June New York and Philly Fed manufacturing surveys will be released.The FOMC meets this week, and no change to policy is expected at this meeting.----- Monday, June 17th ----- 8:30 AM: The New York Fed Em ...

Week Ahead: No Runaway Surge Expected; Markets May Continue Exhibiting Negative Bias

In yet another wide-ranging week, the NIFTY oscillated in a 400-point range and ended the week with a modest cut. In our previous weekly note, we had raised concerned about the NIFTY failing to confirming the attempted breakout.  In line with the analysis carried out during the last week, the inde ...

DP WEEKLY WRAP: Market Quiet Ahead of Fed; Gold Has Long-Term "Smile"

Sometimes I can be a little slow on the uptake, and the monthly gold chart is the latest example. This week it dawned on me that gold is in its seventh year of forming a bullish saucer, which would be the reverse equivalent of a bearish rounded top. After activating the Crystal Ball feature of Shar ...

Dollar Rallies Ahead of FOMC Meeting; Markets Await Fed Signal for July Cut

Markets are bracing for updates on tactical trade war positioning and central bank rate decisions.  The dollar’s recent rally stemmed on better than expected economic data that could convince Fed officials that the economy is healthy enough and might not require an immediate rate cut.  US stock ...

The Fed is likely to drop ‘patient’ word next week, clearing way for July cut, economists say

Even with President Donald Trump and the markets calling for lower interest rates, the Fed is not likely to make a move when it meets next week, though it is expected to smooth the way for a rate cut later in the summer. The timing of a Fed rate cut, the first in more than a decade, is up for debat ...

I've Never Seen An Earnings Signal This Bullish

At EarningsBeats.com, we track the best U.S. companies in a "Strong Earnings ChartList." In order for a company to be included in our ChartList, they must do 3 things: (1) Beat quarterly revenue estimates (2) Beat quarterly EPS estimates (3) Look solid technically If a company doesn't m ...

CPPIB Gets 'Lucky' With Active Management?

The National Post published another hit piece from conservative commentator Andrew Coyne on how the Canada Pension Plan Investment Board (CPPIB) is lucky with active management, for now:In 2006, the Canada Pension Plan Investment Board announced it had switched from a “passive” to “active” ...

June 14, 2019

… and now it’s PrefLetter weekend! HIMIPref™ Preferred IndicesThese values reflect the December 2008 revision of the HIMIPref™ IndicesValues are provisional and are finalized monthly Index MeanCurrentYield(at bid) MedianYTW MedianAverageTradingValue MedianMod Dur(YTW) Issues Day’s Pe ...

California Bay Area Home Sales Decline 2% YoY in May, Inventory up 15% YoY

From Compass chief economist Selma Hepp: Plenty of Bay Area buyers, but why are they hesitant?• While April’s momentum is slightly slower in May, May sales are still only 2 percent below last year’s highs after double-digit declines earlier in the year.• Home sales momentum remains solid in ...