Market Snapshot - Wednesday 11.13.19

US Indexes declined but then recovered to end the day mostly on record highs. The main focus of the day was Jerome Powells testimony before the Congressional Joint Economic Committee in which he said he Fed is likely to keep interest rates unchanged as long as the central bank is seeing economic growth: We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market, and inflation near our symmetric 2 percent objective.

On the trade front, the Dow Jones reported that US-China negotiations had hit a snag over agricultural purchases. China is hesitant to commit to making certain farm purchases and details concerning tech enforcement still remain in negotiation.

US consumer prices rose 0.4%, slightly higher than the 0.3% that economists had expected. This figure was likely driven by energy costs. Year-over-year, the CPI rose 1.8%. Minus food and energy, core prices were up 0.2% in alignment with economist expectations.

The S&P 500 modestly advanced to a record high close of 3,094.04, up 0.1% The Dow closed up 92.10 points or 0.3% to end the day at 27,783.59. The Nasdaq however closed right below its open at 8,482.10.

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