Schaeffer's Top Stock Picks for '25

Wall Street Closes Week Higher After Fed Remarks

Gold prices popped back toward record-high levels

Deputy Editor
Aug 23, 2024 at 4:25 PM
facebook X logo linkedin


Wall Street locked in its second consecutive week of gains today, surging into the weekend amid optimism for an interest rate cut next month. Indices took off and finished near session highs after Fed Chair Jerome Powell's commentary at the Jackson Hole Symposium featured this key line: “the time has come for policy to adjust.”

For the session, all three major benchmarks turned in outsized gains, with the Dow and Nasdaq adding 462 and 258 points, respectively. Despite the broad market surge, the the Cboe Volatility Index (VIX), logged a modest weekly win of its own.

Continue reading for more on today's market, including:

Summary 0823

NYSE Nasdaq 0823

5 Things to Know Today 

  1. The crypto industry has made sizeable donations to the 2024 election. (CNBC)
  2. Economists say Mortgage rates are on their way to 6%. (MarketWatch)
  3. Analysts praises Warby Parker stock growth potential.
  4. UBS cut its rating on this casino stock.
  5. Brokerage note helps Roku stock to best day of the year.

Earnings 0823

UVOL 0823

Gold Prices Settle Near All-Time High

Oil prices scraped together a solid win today, with October-dated West Texas Intermediate (WTI) crude adding $1.82, or 2.5%, to close at $74.83, but lost 0.9% on the week amid worries tied to the outlook for crude demand.

Bullion got a boost as well, with prices closing near record highs after Powell's speech. For the session, gold for December delivery gained $29.60, or 1.2%, to settle at $2,546.30. For the year, gold prices have added nearly 23%.

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?

 

 

(function(doc, script) { var js, fjs = doc.getElementsByTagName(script)[0], frag = doc.createDocumentFragment(), add = function(url, id) { if (doc.getElementById(id)) {return;} js = doc.createElement(script); js.src = url; id && (js.id = id); frag.appendChild( js ); }; // Google+ button //add('https://apis.google.com/js/platform.js', async="defer"); // Facebook SDK add('//connect.facebook.net/en_US/all.js#xfbml=1&appId=772755279557744', 'facebook-jssdk'); // Twitter SDK //add('//platform.twitter.com/widgets.js', charset='utf-8'); fjs.parentNode.insertBefore(frag, fjs); }(document, 'script'));