2023-08-25 21:03:50
Frankfurt, New York US stock markets edged higher in jittery trading on Friday after little new information on the Fed’s monetary policy path. The Dow Jones index of standard values closed 0.7 percent higher at 34,346 points. The tech-heavy Nasdaq advanced 0.9 percent to 13,590 points. The broad S&P 500 gained 0.7 percent to 4405 points.
In the fight against inflation, the central bank may still have to raise interest rates, but proceed cautiously, Fed Chair Jerome Powell said at the central bank forum in Jackson Hole.
“He gave some hope to the moderate side by acknowledging that current policies are restrictive and could carry over time,” said David Russell, global head of market strategy at TradeStation. “But he also threatened to drop the hammer again if the economy and jobs get too hot. That will make traders nervous as more data leaks out.”
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