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As of 16:45 16 Jul 2019

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US indexes end at record highs

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US stock indexes ended the wee at record highs as high expectations for an interest-rate cut from the Federal Reserve continued to propel shares while investors awaited next week's kickoff of the corporate earnings season.

In his two-day testimony before Congress, Federal Reserve Chairman Jerome Powell said the US economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war and that the central bank stood ready to "act as appropriate."

The S&P 500 traded above the 3,000 level for a third straight session, with industrial and consumer discretionary posting gains of 1% or more.

The Dow Jones Industrial Average rose 243 points, or 0.9%, to 27,332, the S&P 500 gained 13 points, or 0.46%, to 3,013 and the Nasdaq Composite increased 48 points, or 0.59%, to 8,244.

US stock indexes open at record highs

Wall Street trader
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The S&P 500 and Dow indexes have hit record highs at the open, after Federal Reserve Chairman Jerome Powell's dovish remarks this week boosted bets of an interest rate cut this month.

This marks the third time the S&P 500 has hit an all-time high this week, and traded above the 3,000 level.

The Dow Jones Industrial Average rose 51.41 points, or 0.19%, to 27,139.49. The S&P 500 was higher by 3.45 points, or 0.12%, at 3,003.36. The Nasdaq Composite gained 13.16 points, or 0.16%, to 8,209.20.

Mixed close for US stocks

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It was a mixed close for Wall Street as investors continued to fret about the impact of US-China trade tensions on company profits and scaled back their hopes for a July rate cut.

The Dow Jones Industrial Average dipped 22.65 points to close at 26,783.49. The S&P 500 ended marginally ahead at 2,978.93.

However, the tech-rich Nasdaq rose 0.54% to 8,141.73 thanks to gains in Amazon.com, Facebook and Netflix.

Wall Street closes lower

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US markets ended lower on Monday after hopes for a July interest rate cut waned and Apple shares performed badly.

The Dow Jones Industrial Average closed 0.43% lower at 26,806.14 and the S&P 500 fell 0.48% to 2,975.99

Meanwhile, the tech-heavy Nasdaq dropped 0.78% to 8,098.38.

Why are US stocks slipping?

Wall Street
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The main US indexes are down between 0.5% and 0.8% as investors continue to fret about the probability of an interest rate cut this month.

Connor Campbell from Spreadex explains: "Though the Federal Reserve is still expected to cut rates in July... an element of doubt was introduced by the apparent strength of the US jobs market [in the non-farm payroll report published last week].

"The better-than-forecast headline non-farm number came the same week as the trade truce between Washington and Beijing (a truce perhaps worth as much as the paper it isn’t written on)."

He says the weakness on US markets has infected European stocks, with the FTSE 100 flat, Germany's Dax down 0.3% and the French Cac 40 0.2% lower.

Wall Street now lower

New York Stock Exchange
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Wall Street stocks have opened lower and are still heading downwards, after strong jobs data dashed hopes that the US Federal Reserve could cut interest rates later this month.

The Dow Jones Industrial Average is now 155.3 points or 0.6% lower to 26,810.74. Top of the losers is Intel, falling 2% to $47.51, despite a survey showing it is gaining CPU market share from rival AMD.

The S&P 500 is now 18.2 points or 0.6% down to 2,977.82. Video game giant Electronic Arts heads the losers, dropping 5.8% to $92.47.

And finally, the tech-heavy Nasdaq has fallen 63.3 points or 0.8% to 8,107.19. The losers are topped by Electronic Arts, followed by another big video game maker Activision Blizzard, which is down 3.2% to $47.10.

Wall Street closes higher

Wall Street
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Wall Street stocks have ended at record highs on Wednesday - a few hours earlier than usual ahead of the Fourth of July Independence Day celebrations in the US tomorrow.

US President Donald Trump has been particularly pleased about the markets on Twitter.

The Dow Jones Industrial Average ended 248.6 points or 0.9% ahead to 26,966.00, led by consumer goods giant Procter & Gamble, which rose 2.3% to $114.08.

The S&P 500 closed 22.8 points or 0.8% higher to 2,995.81. Top of the winners was cyber-security firm Symantec, which jumped 13.6% to $25.10 following media reports that US chipmaker Broadcom is in "advanced talks" to acquire Symantec.

And finally, the tech-heavy Nasdaq finished 61.1 points or 0.8% up to 8,170.23. Symantec heads the winners, followed by Tesla, which climbed 4.6% to $234.90 after the electric car company reported a record second quarter for deliveries by sending out 95,200 vehicles.

World's largest cannabis producer fires boss over losses

Bruce Linton
Canopy Growth Corp

Canadian firm Canopy Growth Corp, the world's largest producer of cannabis and supplier of medical cannabis to the NHS, has fired one of its top bosses after complaints from its largest shareholder.

Canopy's founder and co-chief executive Bruce Linton told CNBC that his role was "terminated" and he was given an exit package after the board of directors called a meeting .

The termination is apparently linked to complaints by Canopy's largest shareholder beer, wine and spirits maker Constellation Brands over a series of losses - in the fourth quarter Canopy reported a net loss of $323m Canadian dollars (£196.5m) due to increased investments in expanding the business.

In late May, Canopy announced that it was purchasing British beauty brand This Works for £43m in order to help it launch CBD-related projects in the UK.

Mr Linton is credited with founding Canopy in 2013 and growing its customer base, with help from partnerships with celebrities like Snoop Dogg and Martha Stewart, as well as gaining investment from backers and taking the company public.

His co-chief executive Mark Zekulin wioll remain as sole boss of the cannabis maker.

Canopy's shares are now down 1.9% to $39.32.

Wall Street opens slightly higher

The New York Stock Exchange
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Wall Street has opened slightly higher, boosted by healthcare stocks, amidst bets that interest rates could be cut in the US due to continuing trade tensions.

In early trade, the Dow Jones Industrial Average is 128.8 points or 0.5% up to 26,846.26.

The S&P 500 is 8.7 points or 0.3% ahead to 2,973.01.

And finally, the tech-heavy Nasdaq is 24.8 points or 0.3% higher to 8,133.87.

Wall Street ends flat

Wall Street traders
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Wall Street shares have ended flat, as investors remained concerned about trade tensions after the US threatened EU with more tariffs.

The Dow Jones Industrial Average rose 69.25 points, or 0.26%, to 26,786.68, the S&P 500 gained 8.65 points, or 0.29%, to 2,972.98 and the Nasdaq Composite added 17.93 points, or 0.22%, to 8,109.09.