U.S. stocks drifted higher as Wall Street coasted to the close of its best week since November
Wall Street coasted to the close of its best week since November, as U.S. stocks drifted a bit higher Friday. The Standard & Poor's 500 rose 0.2% for a seventh straight gain and pulled back within 2% of its all-time high set last month. The Dow Jones industrial average gained 0.2%, and the Nasdaq composite added 0.2%. Treasury yields eased in the bond market after after a couple of mixed reports on the U.S. economy.
Because the Fed has said its upcoming moves will depend in large part on what data reports at the time say, “It will be difficult for Powell to pre-commit to a particular trajectory at Jackson Hole,” say economists at Deutsche Bank led by Matthew Luzzetti. But Powell could offer hints about whether the Fed is hoping to merely remove the brakes from the economy through rate cuts or give it an accelerant.
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