Big technology stocks are bouncing back and behind a big rally for US indexes on Wall Street on Wednesday.
Big technology stocks are bouncing back and behind a big rally for US indexes on Wall Street Wednesday.
“You would think, base case, that policy rates would move down from here, but I don’t want to try to give specific forward guidance about when that might be, the pace at which it might happen,” Powell said. “That’s really going to depend on the economy, and that’s highly uncertain.” Stronger-than-expected profit reports from companies outside the Magnificent Seven also helped lift the market on Wednesday.
Boeing flew 5.2 per cent higher after naming an industry veteran with a background in mechanical engineering as its next chief executive officer. That helped overshadow the aerospace company’s reporting weaker results for the latest quarter than expected. While workers would surely like stronger such numbers, it could be the type of “Goldilocks” data that Wall Street is looking for: not so strong that it pushes upward on inflation but not so weak that it raises worries about a recession.
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