Markets rise after Powell’s message

Markets rise after Powell’s message
August 29, 2023 – 00:00

Wall Street rose yesterday, buoyed by gains from 3M and Goldman Sachs, ahead of key inflation and employment data this week that will offer further clues on the Federal Reserve’s rate path.

The leading S&P 500 index advanced 0.6% to 4,433.20 units, while the technology-based Nasdaq Composite gained 0.8% to 13,705.13 units. The Dow Jones Industrial Average added 0.6% to 34,559.19 units.

All three major indices rose as investors digested comments from Federal Reserve Chairman Jerome Powell on Friday that the central bank may need to raise interest rates further to ensure inflation is contained.

Attention now turns to a report on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, to be released on Thursday, and nonfarm payrolls data due on Friday.

“The fact that Powell hasn’t come out to say anything particularly aggressive or particularly unnerving to markets has shown that this is a day for risk on, even if he wasn’t overtly dovish either,” said Ross Mayfield, investment strategist at Baird. .

Mega-cap stocks rose on gains in Nvidia and Meta Platforms. After separate agreements on lawsuits and business sales, 3M and Goldman Sachs made their contribution to the positive daily trend on Wall Street.

Source: Ambito

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