by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Friday after comments from Federal Reserve (Fed) Chairman Jerome Powell who warned the U.S. central bank may have to raise rates further .
The Dow Jones Industrial Average gained 0.73%, or 247.48 points, to 34,346.9 points.
The broader S&P-500 gained 29.40 points, or 0.67%, to 4,405.71 points.
The Nasdaq Composite advanced for its part by 126.67 points (0.94%) to 13,590.65 points.
During his speech at the opening of the annual Jackson Hole symposium, Jerome Powell also acknowledged that price pressures had eased.
The main US indexes, which had opened higher, moved up and down for most of the session.
Jerome Powell “shows that he is happy with the progress of monetary policy and the reduction in inflation. But he still clings to the idea that they are monitoring the situation carefully and that they still have work to do. do,” said Michael Arone, chief strategist at State Street Global Advisors in Boston.
The Fed raised interest rates to fight inflation.
Although most investors expect the US central bank to leave rates unchanged at its September meeting, they fear it will raise them in November.
In values, Gap rose after reporting a second-quarter profit that beat expectations.
Nordstrom backed off after leaving its outlook unchanged.
Marvell Technology ended lower as the chipmaker reported second-quarter net revenue on Thursday below analysts’ expectations.
(With contributions from Amruta Khandekar, Shristi Achar A and Lewis Krauskopf; French version Camille Raynaud)
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