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.