$DIA, $SPY, $SOX, $QQQ, $RUTX, $VXX
White House lawyers have equipped President Trump with a method for demoting Mr. Powell by stripping him of his Chairmanship and leaving him as only a governor, according to people familiar with the matter.
But the Fed, which faces frequent attacks from President Trump for not being more accommodating to his economic agenda, has hinted for the 2nd time that it will not back down easily.
In response to inquiries Tuesday about the White House review of the legality of removing Mr. Powell, a Fed spokeswoman offered a direct response, saying the Chair can “only be removed for cause.
CNBC’s Jim Cramer speculated that the stock market “would probably go up” if President Trump were to remove Jerome Powell as Chairman of the Fed.
Mr. Cramer would not rule out that President Trump would oust Mr. Powell.
“You have to think the other way, which is, ‘Oh my, the President is saying ‘why not’ and he will figure out a way.’”
Lower interest rates are generally better for stocks.
“Powell is living in a conventional world,” Mr. Cramer said, and then used a baseball analogy to explain. “The President is the Yankees and Powell is the Toledo Mud Hens.”
Wednesday, the major US stock market indexes finished at: DJIA +38.46 at 26504.00, NAS Comp+33.44 at 7987.31, S&P 500 +8.71 at 2926.46
Volume: Trade on the NYSE came in at 808-M/shares exchanged
- NAS Comp +20.4% YTD
- S&P 500 +16.7% YTD
- Russell 2000 +15.4% YTD
- DJIA +13.6% YTD
HeffX-LTN’s overall technical analysis for the major US stock market indexes is Neutral to Bullish with all 3 of our Key indicators flashing Very Bullish.