By CCN: The stock market shot higher on Friday, enabling the Dow to slam the brakes on its multiday decline. Meanwhile, President Trump dropped the shocking announcement that controversial Federal Reserve nominee Stephen Moore had yanked his name from consideration.
Dow Races Higher After Two Days of Brutal Declines
As of 9:38 am ET, the Dow Jones Industrial Average had jumped 152.61 points or 0.58%, launching the DJIA to 26,460.4. The S&P 500 and Nasdaq posted similar gains, rising 0.55% to 2,933.65 and 0.67% to 8,090.68.
On Thursday, the Dow had recorded its second straight triple-digit loss, falling 122.35 points or 0.46% to close at 26,307.79. The S&P 500 declined 0.21% to 2,917.52. The Nasdaq, meanwhile, slipped 0.16% to 8,036.77.
This morning, the stock market zoomed higher after the April jobs report revealed that unemployment had fallen to its lowest level in nearly 50 years and Warren Buffett divulged that Berkshire Hathaway had been quietly gobbling up Amazon stock.
However, there’s another headline that will impact the Dow and its sister indices for years to come.
Controversial Fed Pick Stephen Moore Ditches Trump
On Thursday afternoon, Donald Trump announced on Twitter that Stephen Moore would no longer seek a post on the Federal Reserve Board of Governors. Moore, a fellow at the conservative Heritage Foundation, had been a champion of Trump’s deregulatory policies and looked to continue to serve White House interests at the supposedly-independent Fed.
….and deregulation which have produced non-inflationary prosperity for all Americans. I’ve asked Steve to work with me toward future economic growth in our Country.
— Donald J. Trump (@realDonaldTrump) May 2, 2019
Moore’s heterodox economic ideas – he was a Fed pick with a long track record of anti-Fed rhetoric – and controversial writings had attracted fire from Democrats and…