Powell and Lopez-Obrador power the rebound
Hope for lower rates and no tariffs on Mexico have given life to US stock markets.
The S&P 500 is up 45 points to 2789.
Two things have doubled the gain in the past two hours. 1) Powell's comments weren't overtly dovish but he said the Fed is 'closely monitoring' trade and will 'act as appropriate' to sustain the expansion. That's basically a Powell put. 2) Lopez-Obrador repeated that he had a high level of confidence about making a trade deal with the US.
Technically, the S&P 500 has surged back above the 200-day moving average and the late-March low. It's up 46 points, or 1.7%, to 2790.
