Reuters Insider - Wall Street rallies for 5th day

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11/01/2019 04:16

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Source: Reuters Insider

Description: Wall Street extended its rally into a fifth straight session on
Thursday with whipsaw trading as investors responded to mixed comments by U.S.
Federal Reserve Chairman Jerome Powell, while a warning from Macy's pummeled
retail stocks. Fred Katayama reports.
Short Link: https://reut.rs/2sj1YjD

Video Transcript:

Wall Street rose in a choppy session on Thursday, knocking its fifth straight
day of gains. The big indexes temporarily declined after Federal Reserve Chair
Jerome Powell said the Central Bank's balance sheet would be in his words
substantially smaller, and raised concerns about the size of the US debt. But
he also said the Fed would be patient about interest rate hikes. Redmount
Capital Partners Chief Investment Strategist Vincent Catalano.

He is softening the talk. And so it does look like maybe we won't get the two
rate hikes for this year.

Department store stocks tumbled, especially Macy's. Weak demand in
mid-December pushed Macy's to reduce its full-year forecast for same store
sales. Kohl's also disappointed investors with anemic yearend sales growth.
Target bucked the trend with a solid jump in comparable store sales, but its
shares also fell. Boeing shares rose. The US Airforce is expected to announce
it'll accept delivery of its long-delayed KC-46 air tanker. Separately, the US
aerospace company topped Airbus in jet orders for the first time since 2012.
Airline stocks went the other way, falling after American Airlines cut its
fourth quarter profit and unit revenue forecasts. European markets closed
mostly higher after spending most of the day in negative territory