Stocks rally to records as Fed chair signals interest rates will remain low

  • 📰 latimes
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 82%

Business News News

Business Business Latest News,Business Business Headlines

Wall Street rallied Friday after the Fed said it's still far from pulling interest rates off the record low that's helped markets soar, even if it does begin dialing back support for the economy this year.

Happy Masks’ face coverings for kids are a back-to-school sensation amid heightened COVID-19 anxiety — but good luck buying one.

Treasury yields were lower, but only after some swings. After sitting at 1.35% shortly before Powell’s speech, the yield on the 10-year Treasury sank as Powell cited the past premature moves by policymakers on worries about short-term bursts in inflation, saying “such a mistake could be particularly harmful” now.

Powell also said that the coronavirus’ Delta variant is complicating things, though he still expects improvements to continue. The report also showed that a gauge of year-over-year inflation preferred by the Fed held steady at 3.6% in July, slightly higher than economists expected.The next date circled on investors’ calendars is in a week, when the government reports how many people businesses hired in August. A strong report could give the Fed even more leeway to begin slowing its bond purchases.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks set to retreat as global markets subdued ahead of Fed symposiumEuropean shares are set to drop Thursday, with global markets striking a cautious tone as U.S. Federal Reserve policymakers gather for a monetary policy summit.
Source: CNBC - 🏆 12. / 72 Read more »

Santoli’s Friday market notes: Stocks rise on Fed Chair Powell’s speech, but will the momentum continue?New for subscribers: Santoli’s Friday market notes: Stocks rise on Fed Chair Powell’s speech, but will the momentum continue?. Check out CNBCPro today.
Source: CNBC - 🏆 12. / 72 Read more »

These stocks were big winners during the last Fed taper and analysts love them nowFor CNBCPro subscribers: These stocks were big winners during the last Fed taper and analysts love them now.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks fall after Kabul bombing; traders also wait for FedDeclines were widespread Thursday, with 10 of the 11 sectors in the Standard & Poor's 500 index closing lower.
Source: latimes - 🏆 11. / 82 Read more »