2023-08-26 14:05:51
US stocks ended the week higher, as investors digested Federal Reserve Chairman Jerome Powell’s unsurprising remarks at Jackson Hole that pointed to stronger-than-expected economic growth.
However, the Dow Jones posted its second straight week of losses, down 0.4%. The Standard & Poor’s index rose by 0.8%, while the Nasdaq index rose 2.3%.
America stocks
US stocks rose as investors scrutinized a raft of comments made by Federal Reserve spokespeople, as well as Jerome Powell’s statement that officials will “continue cautiously” to consider the need to raise interest rates once more, while hinting at the same time that the benchmark interest rate will remain high for a longer period. .
On Friday, the Dow Jones index closed up 247.48 points, or 0.7%, to 34,346.9 points. Standard & Poor’s rose by 0.7%, to close at 4,405.71 points, while the Nasdaq Composite advanced by 0.9%, to 13,590.65 points.
Some investors have expressed optimism that the Fed is nearing the end of its rate hike cycle
The “Standard & Poor’s 500” index recorded its best week since last July, and the 10-year Treasury yield fluctuated near the level of 4.2%.
The dollar did not change much. The Euro failed to gain traction following Christine Lagarde’s remarks that the ECB will level borrowing costs at the necessary high and keep them high for an extended period of time until inflation is brought back to its target level.
Europe
European markets closed mixed at the end of yesterday’s session, with traders interacting with Federal Reserve Chairman Jerome Powell’s comments at the annual Jackson Hole symposium.
The pan-European Stoxx 600 index settled, erasing previous gains, as several major sectors moved in opposite directions.
Japan
Likewise, the Japanese Nikkei index closed down 2%, the day before yesterday, at 31,624.28 points, in the largest daily decline in more than three weeks, but it achieved a weekly gain of 0.55%.
The broader Topix index fell 0.88% to 2266.40, with a weekly loss of 1.3%.
In this context, the core inflation rate in the Japanese capital, Tokyo, was 2.8% for the month of August, which is slightly less than the 2.9% expected by economists polled by Archyde.com.
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