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 | 49504.07 | +237.96 | +0.48% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23671.346424 | +191.33 | +0.81% |
| SP500 | S&P 500 | 6966.28 | +44.82 | +0.65% |
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 | NO DATA AVAILABLE | - | - | - |
As for commodities, U.S. oil prices gained over 1 percent closing around the $68 level.