29 Aug 2021
US Stocks Close at Record Highs after Powell Speech at Jackson Hole
The Index Today
After the Jerome Powell speech at Jackson Hole on Friday, US stocks skyrocketed and closed at a record high. S&P 500 represented its 52nd close this year whereas the Dow Jones was up by 250 points.
Powell hinted out that the tapering process of $120 billion will be conducted separately with no correlation to rising interest rates. Interest rates are still not expected to increase anytime soon. This gives the Feds plenty of time to access the economic recovery.
Key points of US indexes at four pm on Friday were:
–S&P 500 UP 0.88%
-Dow Jones Industrial Average up 0.69%
-NASDAQ composite up 1.23%
In other news, Poly Network has received back $610 million which was stolen earlier. According to a press release on Friday, Rivian has filed for an IPO with the SEC and is looking forward to a valuation of $80 billion.
Bank of America has expressed why shares of Oatly could be up by 79% and it will begin manufacturing more to meet the growing demand for oat milk products. On the other hand, Support.com has extended its 2-day surge to 150%.