The Dow pared its gains after Yellen's Jackson Hole speech, but still ended comfortably higher
The Dow Jones Industrial Average (DJIA) was up triple digits at its session peak, but trimmed these gains after Fed Chair Janet Yellen gave no rate-hike clues during today's speech at the annual Jackson Hole symposium. An appearance from European Central Bank (ECB) President Mario Draghi was also in focus, with the central banker saying protectionism poses a "serious risk" to the global economy. And, as oil prices climbed on news Hurricane Harvey had strengthened to a Category 3 storm -- and could make landfall as early as this evening -- the Dow and S&P 500 Index (SPX) ended higher. The Nasdaq Composite (COMP), meanwhile, swung lower in the final minutes of trading, but still snapped its longest weekly losing streak since May 2016.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 21,813.67) gained 30.3 points, or 0.1%, while 24 of its 30 stocks managed to end higher. Home Depot (HD) led the advancers with its 0.9% gain, while Boeing paced the six losers with a 1.2% loss. The Dow added 0.6% for the week.
The S&P 500 Index (SPX - 2,443.05) closed up 4.1 points, or 0.2%. The tech-heavy Nasdaq Composite (COMP - 6,265.64) dropped 5.7 points, or 0.1%. The SPX rose 0.7% and COMP added 0.8% for the week.
The CBOE Volatility Index (VIX - 11.28) ended down 1 point, or 7.8%. The VIX closed almost 21% lower on the week.
5 Items on Our Radar Today
- President Donald Trump is about to face his biggest natural disaster since taking office, with Hurricane Harvey projected to strike the Texas coast by Saturday morning. The storm is expected to create significant flooding in the region, and could be the biggest hurricane to hit the U.S. in more than a decade. (CNBC)
- Floyd Mayweather and Conor McGregor will take the stage this weekend in the infamous "money fight." The highly anticipated boxing match has driven pay-per-view (PPV) sales through the roof, with CBS Corporation's (NYSE:CBS) Showtime charging a record $99.95 to view the event. (Bloomberg)
- How avocados drew negative analyst attention to Chipotle Mexican Grill.
- The FAANG stock screaming "buy."
- This retail stock looks to close out earnings season with a bank on Tuesday.
Data courtesy of Trade-Alert
Commodities
Oil skyrocketed in anticipation of Harvey, as its path runs directly through a key region for domestic crude supply storage and output hubs. October-dated crude rose 44 cents, or 0.9%, to finish the week at $47.87 per barrel. Despite today's gains, oil ended down 1.3% for the week.
Gold gained ground, after Yellen's speech at the central bank summit failed to mention a timeline for any upcoming shifts in monetary policy. December-dated futures finished Friday up 0.5%, or $5.90, settling at $1,297.90 an ounce. For the week, gold managed a 0.5% gain.