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Reuters
US STOCKS-S&P 500, Nasdaq hit record closing highs as Powell calms taper fears
Wall Street rallied on Friday, with the S&P and the Nasdaq notching record closing highs for the fourth time this week as U.S. Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Symposium calmed fears over the tapering timetable and sent investors into the weekend in a buying mood. “I see two things happening,” said Mike Zigmont, head of research and trading at Harvest Volatility Management in New York. In his prepared remarks, Powell stopped short of providing a clearer picture regarding the timing of the central bank’s tapering of asset purchases or hiking interest rates, the key elements of its dovish monetary policy aimed at helping the economy recover from the pandemic recession.
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