US stocks close at record highs after Powell eases tapering concerns during Jackson Hole speech
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- US stocks closed at record highs on Friday after Fed Chairman Jerome Powell eased investor concerns about tapering its monthly bond purchases.
- The S&P 500 and Nasdaq closed at record highs, while the Dow Jones soared nearly 250 points.
- Powell signaled that any decision on tapering its monthly bond purchases would be independent from its decision on raising interest rates.
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US stocks closed at record highs on Friday after Fed Chairman Jerome Powell eased investor concerns about tapering its monthly bond purchases during the Jackson Hole speech.
The record close for the S&P 500 represented its 52nd close so far this year. The Nasdaq also closed at record highs, while the Dow Jones was up nearly 250 points.
Powell signaled that the decision to taper the Fed's monthly bond purchases, which total about $120 billion, would be made independent of raising interest rates. The Fed still doesn't expect to raise interest rates until at least 2023, as it continues to monitor progress of the economic recovery from COVID-19.
Here's where US indexes stood at the 4:00 p.m. ET close on Friday:
- S&P 500: 4,509.40, up 0.88%
- Dow Jones Industrial Average: 35,454.81, up 0.69% (241.69 points)
- Nasdaq Composite: 15,129.50, up 1.23%
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Oil prices jumped. West Texas Intermediate crude was up as much as 2.09%, to $68.83 per barrel. Brent crude, oil's international benchmark, rose 2.21%, to $72.64 per barrel.
Gold jumped as much as 1.46 %, to $1,821.20 per ounce.
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