S&P 500 hits 3,000 for first time, after Fed head signals rate cut is coming

Stocks trade higher after Federal Reserve Chairman Powell signals rate cut is coming.

Stocks traded higher Wednesday after testimony from Federal Reserve Chairman Jerome Powell bolstered the case for easier monetary policy.

In prepared testimony to the House Financial Services Committee, Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger.

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