Stock market news on August 22
On Thursday, U.S. Federal Reserve symposium started in Jackson Hole. The Federal Reserve Bank of Kansas City hosted this symposium since 1982. Every year this symposium takes place in the U.S. Stare of Wyoming.
Investors, traders, and journalists closely monitored this event, as they were looking for clues about the next Fed meeting, which will take place in September. Federal Reserve Chairperson Jerome Powell was going to attend this symposium. Moreover, he will speak on Friday Powell should try his best to stabilize the situation. Powell will address the attendees of the symposium on the second day of the event.
U.S. stock market on August 22
The stock futures rose on August 22 several hours before the Federal Reserve Symposium. For instance, the futures of the Dow Jones Industrial Average increased by 46 points or 0.2% and reached 26,270. Stock futures of S&P 500 rose by 4.8 points or 0.2% to 2,934.
Meanwhile, Nasdaq-100 futures increased by 10.5 points to 7,761 as its futures rose by 0.1%.
The S&P 500 index increased by 0.8% or 23.92 points to 2,924. The Nasdaq Composite Index rose by 0.9% to 8,020.
On Wednesday Dow Jones Industrial Average increased by 240.29 points or 0.9% to 26,202.
The U.S. companies stocks also increased as well. For example, the stocks of Hormel Foods Corp increased by 2.9%. This happened after the meat producer released the results of the third quarter.
The stocks of Nordstrom Inc. rose by 7.4%. The company published the financial results of the second quarter. Company’s financial results surpassed the expectations for sales and earnings.
The Federal Reserve symposium opened on Thursday. However, the most important part of the symposium will start on Friday as Chairperson Powell will address 120 attendees in Jackson Hole. His speech will influence the stock market.
COMMENTS