Stock Market Overview
Stocks End Higher Despite Uncertainty About Possible Powell Firing
The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.29%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.12%. September E-mini S&P futures (ESU25) rose +0.33%, and September E-mini Nasdaq futures (NQU25) closed up +0.11%.
Stocks ended the day higher after President Trump denied that he intends to summarily fire Fed Chair Powell, although he left open the possibility of firing him for cause. Stocks temporarily dropped during midday after reports circulated that Mr. Trump had told Republican House members that he met with on Tuesday that he wanted to fire Mr. Powell.
Stocks found support early in the session on the soft PPI report, which was dovish for Fed policy. Stocks also found support after the 10-year T-note yield ended the day down -3 bp. The afternoon Beige Book report was supportive of stocks, as it indicated a small improvement in economic activity compared to the previous report.
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