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U.S. Stocks Rise on Powell’s Dovish Taper Tone: Markets Wrap

  • Traders digest Jackson Hole remarks about unwinding stimulus
  • Treasury yields fall and the dollar weakens against peers
Bloomberg business news
Powell Says Fed Could Start Tapering in 2021(Source: Bloomberg)
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U.S. equities gained to another record high as investors took assurance from comments by Jerome Powell that the withdrawal of stimulus would be gradual.

The S&P 500 and Nasdaq 100 rose after the Federal Reserve chairman’s much-anticipated Jackson Hole address, where he reinforced the message that it would be appropriate to begin tapering bond purchases by the end of the year. Treasury yields and the dollar fell. Gold gained.