Stocks surge as Powell hints at rate cuts, Dow up over 450 points

From Yahoo Finance: 2024-08-24 00:09:32

US stocks surged as Fed chair Jerome Powell signaled imminent interest rate cuts at the Jackson Hole Economic Symposium. Powell confirmed the dovish pivot, stating rate cuts will depend on incoming data. The Dow gained over 450 points, with bond yields dropping. Powell mentioned risks to employment and said an interest rate cut is likely in September. Investors anticipate multiple rate cuts. The CME FedWatch Tool predicts nearly a 100 basis point cut by year-end. In commodities, oil prices rose, gold increased, and Bitcoin surged. Stocks closed positively, with markets reacting favorably to the news.



Read more at Yahoo Finance: Dow rises 462 points as stocks rally after Powell says rate cuts are coming