The S&P 500 briefly rose within 3 basis points of a record high, the Dow leapt almost 950 points to a record high and the Nasdaq recovered most of its mid-week swoon after Federal Reserve chairman Jerome Powell signalled a shift in his thinking on monetary policy.
In a highly anticipated speech at a central bank meeting in Jackson Hole, Wyoming, Powell said, “The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
That’s all the markets needed to hear.
At 4pm in New York, the S&P 500 was 1.5 per cent higher, with 10 of its 11 industry sectors higher, paced by consumer discretionary and energy. Consumer staples were modestly lower. All the magnificent seven tech stocks advanced.
Source: https://www.afr.com/markets/equity-markets/s-and-p-500-rallies-near-record-high-us-bond-yields-drop-20250823-p5mp63