Close Update: Stocks Strengthen As Fears Of June Rate Hike Soothed by Dudley, Job Report

April 6, 2015 8:32 PM

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After a rough start on worries that slower economic growth would permeate corporate profits, Wall Street went back on the offensive, fueled by expectations that Friday's weak jobs report will encourage the Federal Reserve to shelve a June rate hike. New York Fed President William Dudley this morning articulated the mood across Wall Street that the downside risks to the economy from cheap oil, a strong dollar and changes to the labor market will preclude the Fed from raising rates, driving the Dow and S&P 500 above key technical resistances, and the Nasdaq Composite over 4,900.

The catalyst for today's strong performance were comments from Dudley during a speech in New Jersey. Dudley said he believes that the economy will only grow at a 1.0% rate for the first quarter, evidenced by soft economic reports, including the anemic 126,000 gain in March non-farm payrolls. Coupled...

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