Stocks surged today after the Fed signaled it was open to easing monetary policy amid trade tensions. The 3 major U.S. indices climbed back from a big rout last month, with the Dow gaining more than 500 points.
surged 2.7% to 7,527.12. The major indexes had their second-best day of 2019. Stocks finished the day at their highs, rallying into the close on speculation Republican lawmakers would block President Donald Trump's efforts to implement new Mexican tariffs on a national-emergency basis.
Federal Reserve Board Chairman Jerome Powell speaks during a press conference in Washington, DC, September 26, 2018."We find the impact of Trump's trade war and more broadly a shortening timeline for the Fed's impending 'insurance cut,'" Steven Blitz, chief U.S. economist at TS Lombard, wrote in a note.
The Trump administration also threatened to slap tariffs on all imports coming from Mexico, adding to those concerns. Those worries were assuaged after Mexican Foreign Minister Marcelo Ebrard said Tuesday he expects both countries to find common ground on immigration and trade.. They have also hinted at blocking those levies if the president moves forward with them.
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