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.