Stock Market Update Friday August 23, 2024 Today's key development was Fed Chair Jay Powell’s affirmation that the economy is on track to achieve 2% inflation, coupled with his concern over further labor market weakness. This sparked an immediate surge in the markets, with the S&P 500 rising about 1.5% and the Nasdaq gaining over 2%. However, the rally was met with selling pressure, and by midday, those gains were roughly halved. After some sideways movement, the indices managed to claw back toward the highs of the day.
Away From Stocks: The U.S. dollar continued to weaken, gradually breaking down. Fixed income assets reacted positively to the news, while precious metals showed strength, with silver advancing 2.5% and gold up 1%. The mining sector, however, was lackluster, with only a few names exhibiting notable enthusiasm.
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