Stocks recovered ground on Friday, August 20, despite concerns about economic growth amid rising COVID-19 cases, which continued to take its toll on oil prices.
. Markets will be watching for any clearer indication on plans for a Fed taper of monthly bond purchases, which minutes showed officials believed would happen this year if the economy recovers as expected. Fed Chairman Jerome Powell will deliver remarks on the economic outlook next Friday, August 27.
Gold was up slightly, with spot gold prices climbing 0.07% to $1,781.51 an ounce. Benchmark 10-year yields rose two basis points on the day to 1.260%, but are down from 1.283% last week.The concern that rising COVID-19 cases globally could handcuff travel demand continued to weigh down oil markets, which fell for the seventh straight session. Brent crude ended the week down 2.17% at $65.01 a barrel, while US crude fell 2.26% at $62.25 per barrel.