On Friday, August 23rd, U.S. stocks closed higher after Fed Chair Jerome Powell hinted at a likely rate cut in September, citing reduced inflation risks.
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all posted gains, driven by strong performances from major players like Nvidia, Apple, and Tesla. Financial stocks hit an all-time high, signaling market confidence. All three major indexes closed the week with solid advances.
According to economic data, Baker Hughes reported that the total number of active U.S. oil rigs remained steady at 483 this week.
During his Jackson Hole speech, Fed Chair Jerome Powell hinted at an imminent interest rate adjustment, emphasizing that future decisions will be data-driven without committing to specific timing or scale.
All 11 major sectors of the S&P 500 finished the session in positive territory, with real estate stocks leading the gains.
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