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Stocks Make New All-Time Highs, Rate Cut Looking More Likely
Stocks finished higher again yesterday with the major indexes hitting new all-time highs.
Testimony by Fed Chairman, Jerome Powell, where he said the Fed would "act as appropriate" to sustain the economic expansion, was cheered by investors.
He went on to say that the outlook for the U.S. economy remains "solid", but acknowledged that "uncertainties around global growth and trade" could weigh on that outlook.
And that' partly why the Fed has taken a more accommodative stance.
He also put to rest any fears that the strong jobs report last week changed the Fed's policy outlook.
Expectations are high that the Fed cuts rates at their next FOMC meeting on July 30th and 31st.
Suddenly, the conversation has shifted from 'if', to 'how much'.
A quarter point is still the prevailing thought, but more and more people are speculating on a half a point.
At this time, I'm still thinking 25 basis points.
But 50 basis points by year's end is looking more and more likely.
Either way, the market liked what it heard.
As I've said before, this is an historic time for our economy, and the market.
So make sure you're taking full advantage of it.
By the way, in spite of stocks being in record territory, I think valuations look great. But I know some people get spooked when they see a high stock price.
Of course, the price of a stock tells you nothing about its valuation. For example, a $100 stock can be considered a major bargain whereas a $10 stock can be considered overvalued. And vice versa.
But there's no denying the attraction of lower priced stocks. Especially when you find those overlooked gems right before they break out.
But just like high priced stocks, plenty of people have hang-ups about low priced stocks as well.
I love finding low priced picks just as much as the next guy. And if you like finding them too, make sure you read our latest commentary...
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Stocks finished higher again yesterday with the major indexes hitting new all-time highs.
