The S&P 500 climbed over 3,000 and Dow rose above 27,000, new record highs, driven by comments from fed Chair Powell that the fed will likely cut the Fed Funds Rate. The S&P 500 rose 0.8% and the Dow gained 1.5% for the week. Abroad, Europe fell 0.8% and Japan eased 0.3% for the week. Oil rose 4.5% over the week to end at $60.21 a barrel. The yield on the 10-year Treasury rose to finish the week at 2.11%.

In testimony before Congress, Fed Chairmen Powell made statements that a Fed Funds rate cut is likely at their next meeting later this month to help cushion the economy from slowing global growth and trade policy uncertainty.

CPI rose 0.1% in June, while core inflation rose faster than expected 0.3% in June. It was the largest monthly increase since January 2018. For the year core inflation has gained 2.1%.

Eurozone industrial production rose sharply in May.

Deutsche Bank announced it was cutting 18,000 jobs and focusing on its German banking roots in a significant retreat from its global focus.

The FTC voted to fine Facebook $5 billion to settle a probe into the companies handling of users’ privacy.