Stocks Sprint as Fed Officials Meet
August 22,2019 10:31 AM EST
Stocks traded higher for a second straight day on hopes the Federal Reserve chief will confirm expectations of easier monetary policy at a central banking summit this week.
The Dow Jones Industrial Average continued its earlier momentum, charing ahead 81.13 points to 26,283.86,
The S&P 500 eked up 0.25 points to 2,924.68
The NASDAQ faded 18.09 points to 8,002.12
Nordstrom shares jumped more than 10% after the retailer reported quarterly earnings and revenue that topped analyst expectations. The company cited "inventory and expense discipline" for the strong results.
Dick''s Sporting Goods traded more than 4% higher on better-than-expected results for the previous quarter. Comparable-store sales, a key metric for retailers, topped analyst expectations. The company also raised its full-year forecast.
The results from Nordstrom and Dick''s add to a strong batch of retail earnings. On Wednesday, Target and Lowe''s surged after releasing corporate earnings results that topped estimates. Those results lifted sentiment across the market and sent the Dow up more than 200 points.
Philadelphia Fed President Patrick Harker and Dallas Fed President Robert Kaplan are both set to comment on the world''s largest economy later in the day at an annual central banking symposium in Jackson Hole, Wyoming.
But the summit''s main event is set for Friday, when Fed Chairman Jerome Powell is scheduled to deliver a speech that traders will parse through for clues on future monetary policy.
The Fed cut interest rates by 25 basis points in July. Experts opine market expectations for another rate cut in September are at 93.5%
Prices for the benchmark 10-year U.S. Treasury fell back, raising yields to 1.60% from Wednesday''s 1.58%. Treasury prices and yields move in opposite directions
Oil prices gained 16 cents to $55.84 U.S. a barrel.
Gold prices slid $5.50 to $1,510.20 U.S. an ounce.
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