U.S. stocks rose on Friday as Wall Street traders digested Federal Reserve Chairman Jerome Powell’s Jackson Hole speech, which kept the door open for further action from the central bank.
The Dow Jones Industrials gained 106.6 points to pause for lunch at 34,206.02.
The S&P 500 index forged their way higher 3.26 points to 4,379.57.
The NASDAQ index dropped 22.16 points to 13,441.81.
Given that Powell gave no clear indication of which way he sees interest rates heading, Krosby pointed to the trajectory of rising U.S. Treasury yields as a key underpinning of market direction.
Shares of Hawaiian Electric fell 17% following news that Maui County is suing the utility company for damages over the island’s wildfires.
The county’s suit, filed Thursday, said Hawaiian Electric kept its power lines energized despite a warning from the National Weather Service that high winds and drought conditions created a high fire risk.
Prices for the 10-year Treasury were lower, boosting yields to 4.25% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices picked up 52 cents to $79.57 U.S. a barrel.
Gold prices sagged $10.60 to $1,936.50 U.S. an ounce.