New York (dpa-AfX)-US Federal Research chief Jerome Powell triggered a course rally on the New York stock exchanges on Friday with his speech in Jackson Hole. Market experts and investors open the door for a reduction in key interest rates in the United States in September. The Dow Jones Industrial jumped to a record high of 45,757.84 points in the course of trade.
The best-known Wall Street index finally went from the trade with a surcharge of 1.89 percent to 45,631.74 points and thus increased by 1.5 percent during the week.
The S&P 500 rose 1.52 percent to 6,466.91 points on Friday and is therefore no longer 15 points away from its latest record high. For the recently somewhat battered technology index Nasdaq 100, it was 1.54 percent to 23,498.12 points. His record of August 13 is no longer too far.
Powell’s speech during the central banking conference was stronger than he was expecting to relax in the direction of money policy in September, commented US chief economist Matthew Luzzetti from Deutsche Bank. Among other things, the Fed President said: “The stability of the unemployment rate and other labor market indicators enables us to take a careful way while we are considering a change in our monetary policy.” Changed risks could require an adjustment of monetary policy that currently act restrictively, i.e. dampening to the economy.
The markets have priced the probability of a first key interest rate at the upcoming session of the Fed and another before the end of the year with a high probability. Calculated with two small steps of 0.25 percentage points each. However, these expectations had recently cooled down a bit after some economic data./Ck/he