Market moves higher...Oil futures spike... Powell signals Fed likely to lower rates
UNDATED (AP) _ Stocks rose and bond yields fell today as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade. The S&P 500 index rose 13 points, or 0.5%, to 2,993. The Dow Jones Industrial Average gained 76 points, or 0.3%, to close at 26,860. The Nasdaq composite climbed 60 points, or 0.7%, to 8,202, a record. And the Russell 2000 index added 2 points, or 0.2%, to end the day at 1,565.
UNDATED (AP) _ The price of U.S. oil climbed 4.5% today. Benchmark U.S. crude rose $2.60 to settle at $60.43 a barrel, the highest level since late May. Brent crude, the international standard, gained $2.85 to close at $67.01 a barrel. In other energy futures trading today, wholesale gasoline added 8 cents to $2.01 per gallon. Heating oil climbed 8 cents to $1.99 per gallon and natural gas picked up 1 cent to $2.44 per 1,000 cubic feet.
WASHINGTON (AP) _ Pointing to a weaker global economy, rising trade tensions and chronically low inflation, Chairman Jerome Powell signaled that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade. Powell told Congress today that since Fed officials met last month, "uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook."
ROANOKE, Va. (AP) _ Some Virginia miners for the coal company Blackjewel LLC say their paychecks are bouncing and they remain out of work as the company goes through bankruptcy proceedings. The Roanoke Times reports some workers say they're unsure if they still have jobs after being asked to stay home last week. Blackjewel filed for Chapter 11 bankruptcy July 1 and said it needed about $6 million to pay employees.
LOS ANGELES (AP) _ Virgin Galactic's sister company Virgin Orbit has conducted a drop test of its air-launched satellite booster over California. The 70-foot LauncherOne rocket was released today from a special Boeing 747 over an Edwards Air Force Base test range in the Mojave Desert. The purpose of the test was to make sure the rocket separated cleanly from the wing of the jumbo jet and to observe its free-fall. The test did not involve ignition of the rocket.