All three major benchmarks settled higher
Stocks settled higher on Thursday, ahead of tomorrow's anxiously awaited remarks from Federal Reserve Chairman Jerome Powell at the annual Jackson Hole Symposium. The Dow added 322 points, while the Nasdaq and S&P 500 scored significant gains of their own, with all three indexes surging to session highs at the close.
A narrower-than-expected dip in the gross domestic product (GDP) and upbeat jobless claims data contributed to today's positive sentiment. In addition to tomorrow's Fed comments, investors are also eyeing personal consumption expenditures data.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 33,291.78) added 322.6 points, or 1% for the day. Boeing (BA) led the gainers, adding 3.5%. Salesforce (CRM) paced the laggards with a 3.4% drop.
The S&P 500 Index (SPX - 4,199.12) rose 58.4 points, or 1.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,639.27) gained 207.7 points, or 1.7% for the session.
Lastly, the Cboe Volatility Index (VIX - 21.78) shed 1 point, or 4.6% for the day.
5 Things to Know Today
- Electric vehicle (EV) name Tesla (TSLA) is threatening to sue over an ad campaign showing one of its vehicles hitting a child-sized mannequin on a test track. (CNBC)
- Twitter (TWTR) is facing bi-partisan backlash from politicians over its latest cybersecurity controversy. (Reuters)
- Can this sporting goods stock keep up its post-earnings win streak?
- Callaway Golf is focusing on a new audience.
- Plug Power inks deal to provide e-commerce giant with green hydrogen.
Gold Prices Rise Ahead of Symposium Conclusion
Oil prices settled lower on Friday, cooling off after climbing for three straight days. A potential Iran nuclear deal prompted comments from Saudi Arabia, which noted the Organization of the Petroleum Exporting Countries (OPEC) could cut production to offset the additional oil barrels that may come into the global market. October-dated crude fell $2.37, or 2.5%, to close at $92.52 per barrel on the day.
Meanwhile, gold prices settled higher to notch their third-straight win. A weaker U.S. dollar and drop in Treasury yields boosted the safe-haven metal ahead of tomorrow's Fed comments. December-dated gold rose $9.90, or 0.6%, to close at $1,771.40 an ounce.