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Stocks hit record high as Powell faces investigation and Trump proposes credit cap
S&P 500 hits all-time high amid Fed scrutiny; Trump’s credit card cap proposal raises investor concerns over bank profits.
S&P 500 hits all-time high amid Fed scrutiny; Trump’s credit card cap proposal raises investor concerns over bank profits.
The S&P 500 reached a new all-time high, with the Nasdaq climbing 0.5% while the Dow Jones held steady. This comes amid news of a criminal investigation into Federal Reserve Chair Jerome Powell. Despite the scrutiny, analysts believe short-term interest rates and inflation are unlikely to be impacted.
Meanwhile, Trump’s proposal to cap credit card rates at 10% for a year sparked concern among investors about potential effects on lending and bank profitability. Major bank stocks reacted sharply, with Citigroup down 3% and Capital One falling 6%.
In commodities, gold futures rose 2%, reflecting fears that political pressure on the Fed could challenge its ability to manage inflation effectively.
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