The S&P 500 rose 0.67% to close at 3,508.01 points and the Nasdaq rose 0.60% to 11,667.63 points.
The Dow finished 161 points, or 0.57%, at 28,653.87, and has risen nearly 0.13% in 2020.
Prime Minister Shinzo Abe said stocks in Japan plummeted on Friday due to deteriorating health. Abe suffers from ulcerative colitis, an inflammatory bowel disease.The S&P 500 set another closing high Thursday – the 19th year – after Powell, the chairman of the Federal Reserve, said the central bank would seek average inflation of 2% over time and adopted a new strategy Which reflects the Fed’s view that a stronger one. The job market can be maintained without causing inflation. ”
Powell called the “strong update of our monetary policy framework” the change means the Fed will essentially keep rates near zero even if inflation is above the Fed’s target level of 2%.
Ian Shepherdson of Pantheon said, “The bottom line here is that Mr. Powell and his colleagues have given themselves more room to maintain rates of zero and a sheet of swelling over the next few years.” Macroeconomics. “After more than a decade of core inflation mostly running below target, the Fed will remain aggressive to bring back unemployment, even if inflation rises above target.”
Consumer spending in the US rose 1.9% in July, exceeding expectations, but in a low jump from June’s 6.2%. Personal income declined 0.4% vs. an expected 0.2%.
Consumer sentiment rose to 74.1 in August from 72.5 in July. However, in April this study is near the epidemic of 71.8.
Coco cola (KO) – Get Report On Friday, it will offer a voluntary severance package to 4,000 employees in the US, Canada and Puerto Rico.
The beverage giant said it would reorganize its business amid changes in consumer preferences for the company’s sugary drinks. The severance program, Coca-Cola said, would cost from $ 350 million to $ 550 million.
Hurricane Laura hit the Texas and Louisiana coasts in the early hours of Thursday, raising oil prices on Friday, but the region suffered very little damage as expected.
West Texas Intermediate crude oil for October delivery, the new US benchmark, was up 0.14% to $ 42.98 per barrel.