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Markets closed sharply higher on Friday with the S&P 500 and Nasdaq closing at highs after Fed Chairman Jerome Powell affirmed central bank’s current pace of rate hikes highlighting the strength in the country’s economy. The S&P 500 recorded its longest bull run, while the Nasdaq registered its first all-time high since Jul 25.
The Dow Jones Industrial Average (DJI) advanced 0.5%, to close at 25,790.35. The S&P 500 gained 0.6% to close at 2,874.69. The Nasdaq Composite Index closed at 7,945.98, increasing 0.9%. A total of 5.43 billion shares were traded on Friday, lower than the last 20-session average of 6.28 billion shares. Advancers outnumbered decliners on the NYSE by a 2.50-to-1 ratio. On Nasdaq, a 1.76-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The S&P 500 added 17.71 points, registering its first record close since Jan 26, led by a rally in tech and material stocks. The Materials Select Sector SPDR (XLB) jumped 1.3%, while the Technology Select Sector SPDR (XLK) gained 1%. Shares of Netflix (NFLX - Free Report) increased 5.8%. Shares of Autodesk, Inc. (ADSK - Free Report) surged 15.3%. Netflix has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Dow gained 133.37 points, 3.2% away from its record close on Jan 26. The tech heavy Nasdaq gained 67.52 points, recording its first all-time high since Jul 25.
For the week, the Nasdaq gained 1.7%. The S&P 500 advanced 0.9%, while the Dow increased 0.5%.
Powell’s Speech Lift Investors’ Sentiment
On Friday, Powell, speaking at a symposium in Jackson Hole, said that he sees the Fed’s gradual interest rate hikes as the best was to protect the economic recovery. He also noted that the economy was strong and is in a position to handle tighter monetary policy.
This was also Powell’s first appearance since President Donald Trump criticized the central bank’s rate hike policy saying that he wasn’t “thrilled” with the policy path of the Fed. However, investors found Powell’s remarks to be in line with the Fed’s earlier comments regarding policy. This lifted investors’ sentiment resulting in a rally in stocks.
Economic Data Boosts Market
Weekly job claims fell to 210,000, levels not seen since 1969. Also, the Commerce Department said that new orders for U.S.-made capital goods jumped more than expected in July. Corte durable goods orders jumped 1.4% in July. This reinstated investors’ confidence amid trade war fears, leading to a rally in stocks.
Weekly Roundup
It was a mixed week with markets gaining on the first two days. This week saw the announcement of two multi-billion dollar mergers & acquisition (M&A) deals. The proposed merger between PepsiCo (PEP - Free Report) and Sodastream as well as between Tyson Foods (TSN - Free Report) and Keystone Foods gave investors’ confidence a boost. Moreover, robust corporate earnings also lifted investors’ sentiment.
However, stocks took a hot midweek as investors weighed legal worries of Trump against Fed’s indication of another rate hike in September. Also, trade war fears once again came back haunting after the U.S. officially imposed tariffs of 25% on $16 billion worth of Chinese imports. Consequently, China too retaliated with tariffs on equal amount of U.S.-made goods. Moreover, the two-day trade talks between the United States and China, also did not yield any positive result.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
Stock Market News For Aug 27, 2018
Markets closed sharply higher on Friday with the S&P 500 and Nasdaq closing at highs after Fed Chairman Jerome Powell affirmed central bank’s current pace of rate hikes highlighting the strength in the country’s economy. The S&P 500 recorded its longest bull run, while the Nasdaq registered its first all-time high since Jul 25.
The Dow Jones Industrial Average (DJI) advanced 0.5%, to close at 25,790.35. The S&P 500 gained 0.6% to close at 2,874.69. The Nasdaq Composite Index closed at 7,945.98, increasing 0.9%. A total of 5.43 billion shares were traded on Friday, lower than the last 20-session average of 6.28 billion shares. Advancers outnumbered decliners on the NYSE by a 2.50-to-1 ratio. On Nasdaq, a 1.76-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The S&P 500 added 17.71 points, registering its first record close since Jan 26, led by a rally in tech and material stocks. The Materials Select Sector SPDR (XLB) jumped 1.3%, while the Technology Select Sector SPDR (XLK) gained 1%. Shares of Netflix (NFLX - Free Report) increased 5.8%. Shares of Autodesk, Inc. (ADSK - Free Report) surged 15.3%. Netflix has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Dow gained 133.37 points, 3.2% away from its record close on Jan 26. The tech heavy Nasdaq gained 67.52 points, recording its first all-time high since Jul 25.
For the week, the Nasdaq gained 1.7%. The S&P 500 advanced 0.9%, while the Dow increased 0.5%.
Powell’s Speech Lift Investors’ Sentiment
On Friday, Powell, speaking at a symposium in Jackson Hole, said that he sees the Fed’s gradual interest rate hikes as the best was to protect the economic recovery. He also noted that the economy was strong and is in a position to handle tighter monetary policy.
This was also Powell’s first appearance since President Donald Trump criticized the central bank’s rate hike policy saying that he wasn’t “thrilled” with the policy path of the Fed. However, investors found Powell’s remarks to be in line with the Fed’s earlier comments regarding policy. This lifted investors’ sentiment resulting in a rally in stocks.
Economic Data Boosts Market
Weekly job claims fell to 210,000, levels not seen since 1969. Also, the Commerce Department said that new orders for U.S.-made capital goods jumped more than expected in July. Corte durable goods orders jumped 1.4% in July. This reinstated investors’ confidence amid trade war fears, leading to a rally in stocks.
Weekly Roundup
It was a mixed week with markets gaining on the first two days. This week saw the announcement of two multi-billion dollar mergers & acquisition (M&A) deals. The proposed merger between PepsiCo (PEP - Free Report) and Sodastream as well as between Tyson Foods (TSN - Free Report) and Keystone Foods gave investors’ confidence a boost. Moreover, robust corporate earnings also lifted investors’ sentiment.
However, stocks took a hot midweek as investors weighed legal worries of Trump against Fed’s indication of another rate hike in September. Also, trade war fears once again came back haunting after the U.S. officially imposed tariffs of 25% on $16 billion worth of Chinese imports. Consequently, China too retaliated with tariffs on equal amount of U.S.-made goods. Moreover, the two-day trade talks between the United States and China, also did not yield any positive result.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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