Trending News

Blog Post

Market

S&P 500 hits record high as ‘prudent Powell’ stands pat on policy By Reuters 



© Reuters. FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo

By Devik Jain and Ambar Warrick

(Reuters) – The and the Nasdaq hit record highs on Friday as Federal Reserve Chair Jerome Powell signaled the U.S. central bank will remain patient as it tries to nurse the economy back to full employment.

In prepared remarks for a speech to the Jackson Hole economic conference, Powell said discussions about exactly when to begin reducing the $120 billion bond-buying program remain unresolved, and must be squared against the health and economic risks posed by the highly contagious Delta coronavirus strain.

“Even though a lot of the other Fed presidents have come out and said ‘we’re going to do this sooner rather than later’, prudent Powell is going to make sure that the economy really is healed,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

“You don’t want to make people carsick when you’re driving an economy.”

All the 11 major S&P sectors were up, with energy, materials and communication services jumping 1% each.

U.S. stocks had fallen from all-time highs on Thursday on concerns over developments in Afghanistan and hawkish signals from Fed officials.

The three major indexes were set for weekly gains, with the tech-heavy Nasdaq looking to outperform the S&P 500 and the blue-chip Dow.

At 10:21 a.m. ET, the was up 239.76 points, or 0.68%, at 35,452.88, the S&P 500 was up 34.50 points, or 0.77%, at 4,504.50, and the was up 137.84 points, or 0.92%, at 15,083.65.

Among earnings-driven moves, apparel retailer Gap Inc (NYSE:) jumped 3.7% after it raised its full-year net sales forecast as socializing makes a comeback with easing pandemic curbs.

Advancing issues outnumbered decliners by a 4.50-to-1 ratio on the NYSE and a 3.29-to-1 ratio on the Nasdaq.

The S&P index recorded 46 new 52-week highs and one new low, while the Nasdaq recorded 72 new highs and 25 new lows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Related posts

Leave a Reply

Required fields are marked *