Stock market today: Wall Street climbs ahead of speech by Fed chief Powell

NEW YORK — Stocks are climbing on Wall Street, but the market’s focus is thousands of miles to the west, where the head of the Federal Reserve is about to give a highly anticipated speech about interest rates. The S&P 500 was 0.6% higher Friday, less than a half hour before Fed Chair Jerome Powell is due to speak at a conference in Wyoming. The Dow Jones Industrial Average was up 173 points, and the Nasdaq composite was up 0.7%. Treasury yields were holding steady.

That’s why so much attention is on Jackson Hole, Wyoming, where Powell will speak Friday at an economic symposium that’s been the site of big Fed policy announcements in the past.Workday rose 15% after the human resources software company beat Wall Street's sales and profit targets and issued a strong forecast.

In Europe at midday, France's CAC 40 rose 0.4%, while Germany's DAX gained 0.6%. Britain's FTSE 100 added 0.3%. Japan’s economy was dragged down for years by deflation, a gradual decline in prices that reflects a stagnant economy. The bank ended negative interest rates in March and then raised rates in July.

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