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September 07, 2021 / 04:27 PM IST

Wall Street closes higher, spurred by Powell’s comments

Psst, the S&P 500 hasn’t fallen 5% from a peak in nearly 200 sessions

The S&P 500 and Nasdaq Composite climbed to fresh records Friday after Fed Chairman, Jerome Powell said that the Central Bank shouldn’t overreact to a recent spike in inflation.

The S&P 500 advanced by 39.37 points, or 0.9%, to 4509.37 after Mr. Powell’s highly anticipated speech. It was also the first time the index closed above 4500.

And while we’re on the subject of records, we can’t not talk about S&P 500 record recovery and historic bull run. Beating all odds, the index has gained about 100% after it touched an all-time high of 4,479 on August 16, from the lows of 2,237 seen on March 23, 2020. This has been the fastest recovery since World War II and quite impressive considering that it takes more than 1,000 trading days on an average to reach that milestone.

For the broad-based S&P – 9 of its  11 sectors ended Friday in positive territory. Energy stocks posted the strongest gains, while healthcare and utilities were the only two sector to sectors to decline.

The bellwethers closed with synchronized gains on Friday. For the week, the tech-heavy Nasdaq clocked an impressive 2.82% gain, while the  S&P 500 climbed 1.52% and the Dow gained a modest 0.96%.

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first published: Aug 30, 2021 04:16 pm
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