US indices rose to records as Powell spoke of the strength of the economy Ask NetWorth

• US stocks rose to record highs on Monday after Federal Reserve Chairman Jerome Powell commented on the economy.

• Powell emphasized the strength of the economy and revised interest rate cut expectations.

• Investors are eyeing key employment data releases this week for further market direction.

US stocks rose on Monday, with the Dow and S&P 500 closing at record highs as investors digested new comments from Federal Reserve Chairman Jerome Powell.

All three major indices rose in late trade following Powell’s comments about the strength of the US economy.

“This is not a group that feels like they’re in a rush to cut rates quickly,” Powell said in a Q&A chat with the National Business Economics Association, discussing the strength of the broader economy.

“Overall, the economy remains solid,” Powell said in his prepared remarks. “We want to use our tools to keep it there.”

Powell’s comments rekindled interest rate cut expectations in the market.

Markets now see a 35% chance of a 50 basis point rate cut at the Fed’s November FOMC meeting, up from 53% on Friday, according to CME’s FedWatch tool.

“We’re not on any predetermined course,” Powell said. “The dangers are two-sided, and we meet our results by meeting.”

Here’s where the US indices were in the closing hours of 4pm on Monday:

Aside from Fed comments, investors are bracing for a wave of employment data this week.

Tuesday’s jobs data, Wednesday’s ATP employment report, Thursday’s initial jobless claims and Friday’s September jobs report are on the docket for investors to digest this week.

Economists expect the economy to add 145,000 jobs in September, leaving the unemployment rate at 4.2%.

Here’s what else happened today:

In Commodities, Securities and Crypto:

• West Texas Intermediate Crude oil rose 0.18% to $68.30 a barrel. Brent is crudeThe international benchmark rose 0.43% to $71.85 a barrel.

• Gold An ounce was down 0.59% at $2,652.30.

• The 10-year Treasury yield was up 4 basis points at 3.795%.

• Bitcoin It was down 3.18% to $63,527.

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