As investors were ready for a speech by Federal Reserve Chair Jerome Powell at the central bank’s annual Jackson Hole conference, the S&P 500 gave up some territory on Thursday, retreating from a recent rise.
The broad index decreased by 0.8%, pulling away from the July all-time intraday high that it had been trading at. The Nasdaq Composite fell 1.3%, and the Dow Jones Industrial Average lost 279 points, or 0.7%.
The activity on Thursday occurs as investors focus on Powell’s address at the Jackson Hole Economic Symposium on Friday in an attempt to gain more understanding of rate policy.
Source (CNBC)
