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USA TODAY
The biggest risk to the Federal Reserve’s forecast for an economic boom this year is another surge in COVID-19 cases, Fed Chair Jerome Powell said Wednesday.
“The main risk is that we’ll have another spike in cases,” Powell said in an interview at the Economic Club of Washington, D.C. Powell has said that could happen if states reopen or loosen curbs too rapidly. Such a surge could force states to reinstate business restrictions and discourage Americans from dining out, visiting stores and traveling in growing numbers.
Yet Powell generally appeared confident the nation will avoid that outcome and is on the verge of roaring growth, repeating his assertion, broadcast Sunday on CBS’s “60 Minutes,” that the economy is at “an inflection point.”
GLOBAL MARKETS-World stocks soar to fresh peaks, dollar slips Reuters 4 hrs ago
(Adds oil, gold settlement prices, remarks)
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By Herbert Lash and Tom Arnold
NEW YORK/LONDON, April 14 (Reuters) - Major global stock indexes scaled new peaks on Wednesday after upbeat U.S. and European earnings pointed to a strong recovery from the coronavirus pandemic, while the dollar dipped to three-week lows as Treasury yields held below recent highs.
High-flying growth stocks declined on Wall Street, sending the benchmark S&P 500 and Nasdaq lower in afternoon trade, while underpriced value stocks rose, lifting the Dow to a new record.
Nasdaq Pulls Back Sharply But Dow Holds On To Modest Gain
WASHINGTON (dpa-AFX) - Stocks came under pressure over the course of the trading day on Wednesday after moving to the upside early in the session. Reflecting weakness among technology stocks, the tech-heavy Nasdaq led the way lower.
After jumping by 1.1 percent in the previous session to its highest closing level in nearly two months, the Nasdaq slumped 138.26 points or 1 percent to 13,857.84.
The S&P 500 also slid 16.93 points or 0.4 percent to 4,124.66 after reaching a new record intraday high in early trading.
On the other hand, the Dow pulled back well off its best levels of the day but still closed up 53.62 points or 0.2 percent at 33,730.89. The blue chip index also set a new record intraday high before giving back ground.
“His starting place is that we should pay for it,” press secretary Jen Psaki said. “But we’re at the beginning of the discussions here, and ultimately his only red line is investing in our infrastructure, making sure we are putting Americans back to work over the long term.”
Mr. Biden mentioned the gas tax at a meeting with lawmakers this week only to dismiss it as a unrealistic way to pay for his proposals.
Several Senate Republicans who previously met with Mr. Biden on coronavirus relief said Wednesday that they could support a more narrowly tailored package in the neighborhood of $600 billion to $800 billion.