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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

11 July 2019

Dow Jones index reached a record high level

On Thursday, the Dow Jones index reached a record high level of 27,000 points, as Fed chair Jerome Powell underlined the central bank is ready to reduce interest rates for encouraging the economic growth.

Powell also pointed to the U.S.-China trade war and signs of a global slowdown, which could make the Fed reduce rates at the end of this month.

At the middle of the day, the Dow went up by 190 points to 27,050, marking a record high level. At the same time, S&P also rose by 6 points to 2999.

The U.S. consumer price index was up by 1.6% last month from a year ago.

Lower prices for gas were offset by higher rents and auto prices, although the core inflation rate was at the Fed’s target of 2.1%.

While the Fed pointed to low inflation as a reason for possible rate cut, the relatively strong core inflation could slow down the reduction process.

"With the current Dow at 27,000 and S&P at 3,000, they are expecting a deal with China, the Fed to cut rates, and then incomes showing better results than predicted”, - noted Sean Lynch from Wells Fargo Private Bank. "In case something from that list changes, we’ll see a slight slowdown at the market."

As you know, the Bank of Canada kept its key lending rate at 1.75% on Wednesday. It means the Fed rate (today at 2.5%) may get closer to its northern neighbor’s rate.



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