US stocks rise after digesting moderate Powell speech
Wall Street stocks finished a rollercoaster week on a positive note on Friday, rallying after Federal Reserve Chair Jerome Powell sketched out a moderate course on monetary policy. Powell told a central bankers summit in Wyoming that the Fed was prepared to raise interest rates again, but would proceed "carefully" going forward. "There is always fear before he talks," said Maris Ogg of Tower Bridge Advisors, who described the speech as without bombshells. But Ogg said investors are "just going back and forth" about what comes next for the economy and whether there will be a recession. The Dow Jones finished up 0.7 percent at 34,346. The S&P 500 also gained 0.7 percent to 4,405, while the Nasdaq advanced 0.9 percent to 13,590. Friday's session amounted to a rebound after indices tumbled on Thursday, following Wednesday's gains. Markets have been keeping a close focus on Treasury bond yields, also a signal on monetary policy. The yield on the 10-year US Treasury note climbed further above four percent on Friday. Warner Bros Discovery dropped 3.4 percent as it pushed back the greatly anticipated release of sci-fi sequel "Dune: Part Two" until next year and postponed two other films amid the ongoing actors' and writers' strikes. Among companies reporting earnings, Gap shares rose 7.2 percent and Workday gained 5.4 percent, while Nordstrom fell 7.7 percent. (AFP)