Market Watch: June 2, 2019
Big Picture
Hopes of Fed Rate Cuts Spurs Market Rally
After a rough two weeks–marked by increasing pessimism over an expanding trade war and waning growth, North American markets got a much-needed jolt Tuesday from the Fed, which hinted that a rate cut might be warranted. Fed Chair Jerome Powell said in remarks Tuesday that the central bank is closely monitoring the recent escalation in trade tensions and that it would respond if needed to keep the economy chugging along. The news sent U.S. markets surging, with the Dow gaining more than 500 points Tuesday, while the Nasdaq recovered nearly 200 points.