Weekly Market Snapshot – October 14, 2019
Created by: Sam Tenney
- The Dow Jones rose 1.2% and the S&P 500 rallied 0.7% Friday due to possible good news coming from US and China trade talks taking place.¹
- Tuesday, October 8th, The Federal Reserve chairman Jerome Powell announced the Federal Reserve intends to rebuild its balance sheet at $60 billion a month until second quarter 2020 for the first time in five years. Powell stated this was not to be confused with the Fed’s quantitative easing practices that ended five years ago, but is a separate operation to keep overnight borrowing rates from spiking long-term.²
- Banking and Investment Firms HSBC and Charles Schwab have announced they are laying off around 3% of their collective workforces. Lower margins were cited by management as the reason behind these layoffs.³
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