Wall Street stocks jumped to fresh records on Friday (Aug 24) after Federal Reserve Chair Jerome Powell said there was no sign of an overheating economy and policymakers expected to continue gradual interest rate increases. Traders work on the floor of the New York Stock Exchange. (Photo: Spencer Platt/Getty Images/AFP) The broad-based S&P 500 gained 17.71 points (0.62 per cent) to 2,874.69, its first closing record since January. The Nasdaq rose 67.52 points (0.86 per cent) to 7,945.98, also a fresh record, while the Dow Jones Industrial Average gained 133.37 points (0.52 per cent) to 25,790.35, about 825 points below its all-time high. Powell, in a much-anticipated address at an annual central banker conference in Wyoming, noted that the US economy remained strong, while prices were rising at about the Fed’s target pace of two per cent. “We have seen no clear sign of an acceleration above two per cent and there does not seem to be an elevated risk of overheating,” Powell said in prepared remarks. “I am confident that the FOMC would resolutely ‘do whatever it takes’ should inflation expectations drift materially up or down or should crisis again threaten.” Analysts praised Powell for being upbeat but not… Read full this story
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