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.

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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.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES27433.48+46.50+0.17%
I:COMPNASDAQ COMPOSITE INDEX11010.982553-97.09-0.87%
SP500S&P 5003351.28+2.12+0.06%

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.

TickerSecurityLastChangeChange %
I:OILn.a.n.a.n.a.n.a.

As for commodities, U.S. oil prices gained over 1 percent closing around the $68 level.