September 19, 2021

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One of the most important speeches of the year pushed Wall Street up

One of the most important speeches of the year pushed Wall Street up

There was a lot of excitement about Federal Reserve Chairman Jerome Powell’s speech at the annual conference in Jackson Hole on Friday, especially about what he had to say about reducing securities purchases.

Earlier on Friday, Roger Berntsen at Nordnet called the speech one of the most important of the year.

“Powell is expected to provide the market with more specific information related to quantitative easing and reducing this information,” he wrote in an update.

Investors were clearly well prepared for the message that downsizing could start later this year, because they weren’t intimidated at all. The so-called fear index only fell VIX.

  • Dow Jones And closed up 0.69 percent, and closed at 35,455.80 points at the close of trading.
  • Standard & Poor’s 500The index rose 0.88 percent to 4,509.37 points.
  • Nasdaq The largest rise rose by 1.23 percent to 15,129.50 points.

“The committee remains steadfast in its often stated commitment to support the economy as long as a full recovery is needed,” Powell said.

And although “tapping” may start this year, the central bank governor indicated that he is in no hurry to raise interest rates. Before the economy becomes relevant, it must have reached a level “consistent with maximum employment, inflation must have reached 2 per cent, and on its impact and barely above it for some time”.

Friday’s rally was broad, but oil and energy companies in particular got the wind in their sails.

And rose Occidental Petroleum Corp., the largest increase with nearly 7 percent.

On Friday evening, the price of a barrel of Brent oil rose 2.21 percent to $ 72.64.

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