Stocks ticked higher on Friday following a much anticipated speech by Federal Reserve Chair Janet Yellen.
While Yellen did not dwell heavily on monetary policy during her speech at the Jackson Hole conference, she did offer a defence of post-financial crisis bank regulations.
While the three major US stock indexes slid at the release of Yellen’s speech, two out the three ended in the green. The Nasdaq ended up slightly down for the day.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 21,815.96, +32.56, (+0.15%)
- S&P 500: 2,443.09, +4.09, (+0.17%)
- Nasdaq: 6,265.64, -5.58, (-0.09%)
- Yellen laid out a defence of Dodd-Frank and other financial regulations. Business Insider’s Pedro da Costa and other analysts took the speech as a ding for Yellen’s chances of being re-appointed by President Trump at the end of her term in February.
- Treasury Secretary Steven Mnuchin said he is “100% confident” the debt ceiling will be raised in time. The assertion was another in a string of guarantees from Republican leaders that the critical limit will not be breached.
- Gary Cohn told the Financial Times where the administration wants from tax reform. While the details were similar to the White House’s one-page outline, Cohn would not guarantee that the corporate rate would get as low at Trump’s promised 15%.
- Gas prices are headed higher as Hurricane Harvey hits Texas. The now-Category 3 storm is expected to shut down a significant portion of Gulf Cost oil equipment, causing an increase in spot gas prices.