Wall St ends higher, extending rally ahead of Jackson Hole
By Stephen Culp
Mon August 19, 2024 5:39 PM
Last week’s rally, which recouped all the losses from the big
sell off earlier this month, continued in earnest into its eighth day with again
handsome 3-digit gains triggered by continued optimism over a September rate
cut and fears of recession more or less now quashed. The hopes are that a September rate cut will
only be the beginning, that “the spigots will continue to be open,” a forecast
for three cuts before year-end now by some economists. All eyes this week are
very much on Jackson Hole and Powell’s remarks this Friday. The Democratic
Convention in Chicago may be throwing some more volatility into the mix. Volume
remains well below the 12.24 billion average coming in today at 10.3
billion.
DJ: 40,659.76 +96.70 NAS: 17,631.72 +37.22 S&P: 5,554.25 +11.03 8/16
DJ: 40,896.53 +236.77 NAS: 17,876.77 +245.05 S&P: 5,608.25 +54.00 8/19
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