Stocks rise as Fed's Powell says economy is strong
Stocks ended the week on a high note after Federal Reserve Chairman Jerome Powell’s positive comments on the economy. Powell said that he expects further, gradual rate increases and said the economy is "strong," in a prepared speech on Friday.
Both the S&P 500 and the Nasdaq closed at record levels, as did the Russell 2000, which tracks domestic companies. The Dow and the S&P 500 have registered gains for two consecutive weeks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35457.31 | +198.70 | +0.56% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15129.089569 | +107.28 | +0.71% |
| SP500 | S&P 500 | 4519.63 | +33.17 | +0.74% |
While Powell was the main event for many investors on the summer Friday, the durable goods orders were released, and orders fell 1.7% in July versus expectations for a 0.5% drop. Durable goods are consumables that last three years or more.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:OIL | n.a. | n.a. | n.a. | n.a. |
As for commodities, U.S. oil prices gained over 1 percent closing around the $68 level.