Powell says rate decisions won’t be influenced by the election

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 10 July 2024

⏱️ 1 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks close higher; Powell says the election won’t impact rate decisions; Wholesale inventories rise; Intuit pivots to AI.

Transcript

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0:00.0	Stocks hit fresh records. I'm Henry Epp with the Marketplace Minute.
0:05.2	Markets rose across the board. The S&P 500 climbed just over 1% to hit a record.
0:10.6	The NASDAQ gained nearly 1 and 2 tenth percent to a new high.
0:14.3	The Dow was up 1 and 1 10 percent.
0:16.8	Federal Reserve Chair Jerome Powell told members of Congress that the election won't be
0:20.9	a factor in the Central Bank's interest rate decisions later
0:23.6	this year. Powell was responding to a question about whether a potential rate cut
0:28.0	in September might be viewed as political, just weeks away from the November election.
0:33.2	Wholesaleers stocked up this spring, inventories rose six-tenths percent in May, according to the Commerce
0:38.5	Department.
0:40.0	Inventories were especially boosted by the automotive sector, which saw an increase of 1.4% from April.
0:45.6	And the maker of TurboTax and Quick Books plans to lay off 10% of its workforce
0:50.1	then rehire a similar number of workers in a bid to invest in artificial intelligence.
0:55.0	The company in Tuet also plans to shut down two of its locations, one in Idaho and one in Canada.
1:00.0	I'm Henry Abt with the Marketplace Minute.

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