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Wall Street rallies, Dow soars 700 points on hopes for lower interest rates
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....all Street rallies, Dow soars 700 points on hopes for lower interest rates<BR>PTI News<BR>Dated:- 22-8-2025<BR>PTI<BR>New York, Aug 22 (AP) Wall Street is rallying on Friday after the head of the Federal Reserve indicated the cuts to interest rates that investors and President Donald Trump have been craving so much may be coming soon, though he gave no clear clue about when. The S&P 500 jumped 1....
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.....4 per cent and erased all of its loss for the week. That's following five straight modest losses after it set an all-time high last week. The Dow Jones Industrial Average soared 716 points, or 1.6 per cent, and was on track to blow past its own all-time high, which was set in December. The Nasdaq composite was up 1.6 per cent, as of 10:25 am Eastern time. The hope among investors had been tha....
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....t Jerome Powell would hint in his highly anticipated speech at a central bankers' symposium in Jackson Hole, Wyoming, that cuts to interest rates may be imminent. Wall Street loves lower rates because they can give a boost to the economy and to investment prices, even if they risk worsening inflation at the same time. Trump has angrily been calling for lower rates, often insulting Powell while d....
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....oing so. And a surprisingly weak report on job growth this month pushed many on Wall Street to assume cuts may come as soon as the Fed's next meeting in September. Powell did say Friday that risks are rising about a weakening job market, but he also did not not commit to any kind of timing. The Fed's two jobs are to keep the job market healthy and to keep a lid on inflation, and it often has to ....
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....prioritize one because it has just one tool to fix either. Helping one one by moving interest rates often means hurting the other. Powell said the job market looks OK at the moment, even if “it is a curious kind of balance” where fewer new workers are chasing after fewer new jobs. Inflation, meanwhile, still has the potential to push higher because of Trump's tariffs. In sum, Powell said t....
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....hat “the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.” Treasury yields tumbled in the bond market after the release of the text of Powell's speech. The yield on the 10-year Treasury fell to 4.26 per cent from 4.33 per cent late Thursday. The two-year Treasury yield, which more closely tracks e....
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....xpectations for what the Fed will do with its main interest rate, sank to 3.69 per cent from 3.79 per cent. That's a notable move for the bond market. On Wall Street, Ross Stores rose 0.8 per cent after the retailer reported a stronger profit for its latest quarter than analysts expected. CEO Jim Conroy said sales trends picked up at the end of the quarter in July following a lull in June. Sha....
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....res of Nio, a Chinese electric-vehicle maker, that trade in the United States climbed 12.4 per cent after it began pre-sales of its flagship premium SUV model, the ES8. Nvidia rose 0.8 per cent to trim its loss for the week. The company, whose chips are powering much of the world's move in to artificial-intelligence technology, has seen its stock struggle recently amid criticism that it and othe....
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....r AI superstars shot too high, too fast and became too expensive. Nvidia's CEO, Jensen Huang, said Friday that the company is discussing a potential new computer chip designed for China with the Trump administration. The chips are graphics processing units, or GPUs, a type of device used to build and update a range of AI systems. But they are less powerful than Nvidia's top semiconductors today,....
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.... which cannot be sold to China due to US national security restrictions. In stock markets abroad, Germany's DAX returned 0.4 per cent after government data showed that its economy shrank by 0.3 per cent in the second quarter compared with the previous three-month period. Indexes rose across much of Asia, with stocks climbing 1.4 per cent in Shanghai and 0.9per cent in South Korea. (AP) SKS GSP....
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....<BR> News - Press release - PIB....