NEW YORK (Reuters) – A broad index of world stock markets edged higher on Wednesday while the U.S. dollar fell as comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut from the U.S. central bank this month.
MSCI’s broadest index of world stocks .MIWD00000PUS rose 0.42%, with U.S. equities touching record highs following the release of prepared remarks for Powell’s testimony before the U.S. House of Representatives Financial Services Committee. The U.S. benchmark S&P 500 index .SPX briefly crossed the 3,000 mark for the first time ever.
Powell said the Fed was ready to “act as appropriate” to sustain a decade-long U.S. economic expansion and pointed to economic risks including persistently weak inflation, slowing global growth and a downturn in business investment.
Minutes released from the Fed’s June meeting struck a similar tone as Powell’s testimony. Several of the central bank’s policymakers said interest rates should…
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