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Stocks Soar as Investors Hail Powell Remarks

Stocks rallied Friday as traders cheered comments from Federal Reserve Chairman Jerome Powell at the annual central bank conference in Jackson Hole, Wyoming that point to stronger-than-expected economic growth.

The Dow Jones Industrials stormed higher 247.68 points to finish the day and the week at 34,347.10. The 30-stock index fell on the week, though, 0.4%.

The S&P 500 index jumped 29.38 points to 4,405.69, for progress on the week of 0.8%.

The NASDAQ index popped 126.67 points to 13,590.65, or 2.26% over the last five sessions.

The S&P 500 energy, consumer discretionary and industrial sectors all rose at least 1% on Friday. Petroleum company Valero Energy and toymaker Hasbro were among the day’s biggest gainers, advancing 3.9% and 6.5%, respectively.

Optimism was fueled, in part, by Powell’s confidence in continued economic growth in the U.S., citing “especially robust” consumer spending and early signs of a recovery in the housing market. He reiterated the central bank’s commitment to pull inflation back down to its 2% goal.

Prices for the 10-year Treasury gained a bit, lowering yields to 4.23% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.

Oil prices picked up one dollar to $80.05 U.S. a barrel.

Gold prices sagged $5.70 to $1,941.40 U.S. an ounce.

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