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.
|I:DJI||DOW JONES AVERAGES||25883.25||+443.86||+1.74%|
|I:COMP||NASDAQ COMPOSITE INDEX||7472.4101||+45.46||+0.61%|
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.
As for commodities, U.S. oil prices gained over 1 percent closing around the $68 level.