- Title: Stocks climb as soft data fuels rate cut hopes
- Date: 3rd October 2019
- Summary: NEW YORK, NEW YORK, UNITED STATES (OCTOBER 3, 2019) (REUTERS) (SOUNDBITE) (English) KRAMER CAPITAL RESEARCH'S INVESTMENT ANALYST AND PORTFOLIO MANAGER, HILARY KRAMER, SAYING: "Because there was a comment regarding trade with China because so much of the ISM manufacturing number from two days earlier, which was a second month of contraction, is based on manufacturers saying, 'We don't know what's going to happen with international trade, tariffs, who's going to be buying from us.' Even with Europe there's concerns and issues going on, and of course England has its own mess, you know, we're having to renegotiate everything. So as soon as we heard that China, you know, that on the horizon there might be a trade deal, the market came right back up. Plus we were, to a great extent, kind of oversold for where we were in the market. You know, we have this floor that we get to deal with, we don't have to worry about falling that much because we have the Federal Reserve, which keeps cutting rates, and we'll certainly now cut rates again next month."
- Embargoed: 17th October 2019 21:20
- Keywords: Wall Street Federal Reserve interest rates economic downturn Microsoft Facebook
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002AZJO5FX
- Aspect Ratio: 16:9
- Story Text:Wall Street climbed on Thursday (October 3) after data showing services-sector activity at a three-year low fueled expectations the Federal Reserve would cut interest rates in an effort to thwart a wider economic downturn.
The Dow Jones Industrial Average rose 122.76 points, or 0.47%, to 26,201.38, the S&P 500 gained 23.13 points, or 0.80%, to 2,910.74 and the Nasdaq Composite added 87.02 points, or 1.12%, to 7,872.27.
(Production: Fred Katayama, Roselle Chen) - Copyright Holder: REUTERS
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