Rolling coverage of the latest economic and financial news, as Apple and Tesla lead stock markets into the red
- Latest: Stocks are falling in US and Europe
- Nasdaq on track for worst day since June, after hitting record highs
- US jobless claims fall, but still very high
- Full story: Costa coffee cuts UK jobs
- Amazon to hire 10,000 staff
- Paris unveils economic stimulus plan
Today’s market slide will not be well received in the White House.
Last night, president Trump tweeted excitedly that the Dow Jones had hit 29,000 points for the first time since February:
The Dow Jones Industrial just closed above 29,000! You are so lucky to have me as your PresidentWith Joe Hiden’ it would crash
There was another reason for the stonking stock market rally since April — the massive money-printing programme launched by the US central bank, as it cut interest rates back to near zero.
And funnily enough, one senior policymaker has just dropped a hint that the Federal Reserve really isn’t in any hurry to reverse that policy.
“As long as we see the trajectory moving in ways that suggest that we are not spiraling too far away from our target, I’m comfortable just letting the economy run and letting it play out.”
BOSTIC SAYS FED IS TRYING TO DO THE BEST IT CAN TO SUPPORT THOSE WHO DON’T HAVE A POSITION IN THE STOCK MARKET