He S&P 500 rose 29.40 points, or 0.7%, to 4,405.71 units, after registering its worst loss in three weeks. He Dow Jones Industrial Average scale 247.48 points, or 0.7%, to the 34,346.90and the nasdaq it advanced 126.67 points, or 0.9%, to 13,590.65 units.
Wall Street: no surprises after Powell’s speech in Jackson Hole
During the conference, the president of the Federal Reserve stressed the possible need to further raise the interest rates as a measure to contain inflation. Although, he also acknowledged that price pressures have eased.
Powell «is showing that he is pleased with how far monetary policy has come and how it has reduced the inflation. But she continues to hold on tightly to the idea that she is being watched closely and that they still need to do more,» he said. michael aroneChief Investment Strategist at State Street Global Advisors.
The fed it has been raising rates in an effort to reduce inflation.
Following Powell’s comments, the expectations of a rate hike in November increased compared to the previous day, according to CME Group’s FedWatch tool. Most traders are still hoping that the fed do not upload them in September.