In response to remarks made by Federal Reserve Chairman Jerome Powell at the annual central bank conference in Jackson
Hole, Wyoming, that indicate faster-than-expected economic growth, stocks rose on Friday.
The Dow Jones Industrial Average increased by 247.48 points, or 0.7%, to settle at 34,346.90 after reaching session highs of more than 300 points. Both indices ended a three-week losing trend as the S&P 500 rose roughly 0.7% to close at 4,405.71 and the tech-heavy Nasdaq Composite rose 0.9% to 13,590.65. However, the Dow had its second consecutive week of losses.
On Friday, the S&P 500’s consumer discretionary and energy sectors both increased by at least 1%. With gains of 2.8% and 5.7%, respectively, the toymaker Hasbro and the petroleum giant Valero Energy were among the day’s top gainers.
Source (CNBC)