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:
- Palantir stock rally looks like it has more steam.
- In case you missed it: this week's biggest headlines.
- Plus, three stocks rocked by analyst notes.
5 Things to Know Today
- The crypto industry has made sizeable donations to the 2024 election. (CNBC)
- Economists say Mortgage rates are on their way to 6%. (MarketWatch)
- Analysts praises Warby Parker stock growth potential.
- UBS cut its rating on this casino stock.
- Brokerage note helps Roku stock to best day of the year.
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%.
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