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Markets await September Fed rate cuts
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US Federal Reserve chief Jerome Powell in Wyoming on Aug 22, a day before he spoke at the Jackson Hole Economic Symposium.
PHOTO: REUTERS
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SINGAPORE – Equity markets ended the week on a high after Federal Reserve chairman Jerome Powell gave his clearest indication yet that the “time has come” to soon begin reducing interest rates.
On Wall Street, the Dow Jones Industrial Average surged 62.3 points on Aug 23 to its second-highest close in six months as it ended the week 1.27 per cent higher at 41,175.08 points. The broader S&P 500 advanced 1.45 per cent for the week to 5,634.61 points, while the tech-loaded Nasdaq was up 1.4 per cent for the week at 17,877.79 points.
