Stocks rose Friday at the market open as investors were awaiting a key speech from Federal Reserve Chairman Jay Powell later this morning.
The S&P 500 (^GSPC) rose 0.4%, while the Dow Jones Industrial Average (^DJI) rose 0.4%. The Nasdaq Composite (^IXIC) advanced 0.4%, putting the major averages higher after a tumble on Thursday.
Powell is scheduled to speak at 10:05AM ET on Friday, although the Fed’s comments from the annual Jackson Hole Economic Symposium in Wyoming have already moved the markets.
On Thursday, stocks closed lower across the board as the Nasdaq fell nearly 2%, giving up gains from an early rally spurred by a strong Nvidia (NVDA) earnings report.
Fed speakers, including Boston Fed President Susan Collins — who spoke to Yahoo Finance’s Jennifer Schoenberger in an interview from Jackson Hole — suggested that higher interest rates may be needed to tame inflation, which has weighed on markets today. Thursday.
Last year, stocks sold off sharply during Powell’s speech in Jackson Hole, in which he said the Fed will continue to raise interest rates “until the job is done” to bring down inflation. Since that speech, rates have risen by an additional 300 basis points, with the federal funds rate now at its highest level since 2001.
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