Fed Chairman Powell Does Not See Recession: Mission “Sustain Expansion”

Fed Chairman Powell Does Not See Recession: Mission “Sustain Expansion”

$DIA, $SPY, $QQQ, $RUTX, $VXX

The stock market finished mixed Friday; the S&P 500 (+0.1%) and DJIA (+0.3%) closed just above unchanged, while the NAS Comp (-0.2%) and Russell 2000 (-0.4%) closed slightly lower.

On Friday, Fed Chairman Jerome Powell said the most likely outlook for the US and world economy is continued moderate growth, but the central bank was monitoring “significant risks.

“As we move forward, we’re going to continue to watch all of these factors, and all the geopolitical things that are happening, and we’re going to continue to act as appropriate to sustain this expansion,” Chairman Powell said. “Our main expectation is not at all that there will be a recession either in the U.S. or the global economy.”

Chairman Powell said the US labor market was in quite a strong position and described the latest jobs data, released earlier Friday, as “consistent” with that picture.

Friday, the major US stock market indexes finished mixed at: Dow +69.31 at 26797.44, NAS Comp -13.75 at 8103.11, S&P 500 +2.71 at 2978.71

Volume: Trade on the NYSE came in light again at 735-M/shares exchanged

  • NAS Comp +22.1% YTD
  • S&P 500 +18.8% YTD
  • DJIA +14.9% YTD
  • Russell 2000 +11.6% YTD

HeffX-LTN’s overall technical analysis for the major US stock market indexes is Bullish with a Very Bullish bias at the week ended 6 September 2019.

Making and Keeping America Great!

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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