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Fed Chair Jerome Powell's Jackson Hole Symposium speech drove markets higher Friday, an overdue reprieve following a rocky week. Though Powell's remarks were vague, they did point toward the Fed being open to rate cuts in September. Meanwhile, Canada dropped a large portion of its retaliatory tariffs against the U.S. this afternoon.
Today's surge pushed the Dow to a fresh record close and back in the black for the week, while the S&P 500 eked out a weekly win and snapped its five-day losing streak. The Nasdaq wasn't so lucky, settling lower for its five-day performance, though it did sneak in an impressive triple digit pop for the session.
Continue reading for more on today's market, including:
With Ukraine peace talks still underway, oil prices remained stagnant for the session but logged a win for the week. September-dated West Texas Intermediate (WTI) added 10 cents to settle at $63.62 per barrel for the day and up 1% for the week.
Gold inched its way higher as precious metal traders digested Powell's speech. December-dated gold added 1.1%, to close at $3,418.50 per ounce for the day and up 1.1% on the week.
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