S&P 500 surges as investors bank on September rate cut
U.S. indexes end higher; Nasdaq jumps ~1.5%
All S&P 500 sectors end green; Real Estate out front
Dollar slides; gold up ~1%; crude up ~2.5%; bitcoin up ~5%
U.S. 10-Year Treasury yield falls to ~3.80%
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S&P 500 SURGES AS INVESTORS BANK ON SEPTEMBER RATE CUT
U.S. stocks closed sharply higher after Federal Reserve Chair Jerome Powell bolstered expectations that the central bank will begin cutting interest rates in September.
Heavyweight growth stocks led the way higher, with Nvidia NVDA.O adding 4.5% ahead of its quarterly report next Wednesday, which is set to be the week's centerpiece event on Wall Street.
Tesla TSLA.O gained 4.6%, while Apple AAPL.O added 1%.
"The time has come for policy to adjust," Powell said in a highly anticipated speech to the Kansas City Fed's annual economic conference in Jackson Hole, Wyoming.
Powell's comments added certainty to already broad expectations for a rate cut at the Fed's September policy meeting.
"This morning's speech definitely used the strongest language yet that interest rates are very likely to start in September with the key question being 25 or 50 basis points," said Stephen Kolano, Chief Investment Officer at Integrated Partners.
The S&P 500 is now up 18.1% so far in 2024, and is just 0.6% down from its July 16 record high close.
Here is the week's final U.S. snapshot:
(Noel Randewich)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
HARRIS GETS POST-DNC BUMP ON PREDICTIT IN TIGHT RACE - CLICK HERE
UBS BULLISH ON STOCKS AS RATES DIP AND EARNINGS GROW -CLICK HERE
INDIVIDUAL INVESTOR BULLS "UNUSUALLY HIGH" - AAII - CLICK HERE
HOUSE WARMING: NEW HOME SALES JUMP 10.6% - CLICK HERE
U.S. STOCKS POP WITH POWELL'S JACKSON HOLE REMARKS - CLICK HERE
S&P 500 INDEX: DOUBLE TOP WITH JACKSON HOLE? - CLICK HERE
WHAT IF THE RESILIENCE OF THE EUROPEAN ECONOMY TURNS OUT TO BE FOOL'S GOLD? - CLICK HERE
STRONG EURO COULD ACT AS HEADWIND FOR EUROPE INC - CLICK HERE
THE VOLATILITY SPIKE THAT IS HARD TO FORGET - CLICK HERE
EUROPEAN SHARES INCH UP, SWITZERLAND UNDERPERFORMS - CLICK HERE
EUROPEAN FUTURES HOLD THEIR BREATH BEFORE POWELL - CLICK HERE
BOJ'S UEDA BOLSTERS YEN. UP NEXT, POWELL - CLICK HERE
Snapshot https://tmsnrt.rs/3YTSGLl
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