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Wall Street rebounds amid US rate cut hopes; tech shares bounce

The S&P 500 shed more than 6% in May as investors feared a global growth slowdown while trade tensions ramped up between the United States and China and the United States and Mexico

Reuters  |  New York 

US stocks rallied on Tuesday, with the S&P 500 set for its biggest one-day gain in five months, after Federal Reserve Chair Jerome Powell said the central bank would act "as appropriate" to address trade war risks, leaving the door open for a possible rate cut. A day after St. Louis Fed chief James Bullard said a rate cut may be warranted soon, Powell said the Fed was "closely monitoring the implications" of a trade dispute that has disrupted global markets and posed risks to growth. The last time the benchmark S&P index, last up 1.8%, had a bigger daily ...

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First Published: Wed, June 05 2019. 00:41 IST