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Markets Update: Weekly recap, August 26, 2023
This week, the stock market has been in the news for a variety of reasons. The Federal Reserve’s annual Jackson Hole symposium was held, and it offered policymakers an opportunity to outline broad policy shifts. The Fed’s tone is gradually evolving in a more favorable way for both equities and bonds, but some uncertainty remains around what will be needed to fight the last mile of inflation. Growth has stayed more resilient than most expected (including the Fed), though some downside remains as the rate hikes filter through the economy. Policy rates are now at, or nearing, a peak.
The S&P 500 edged 1.4% lower this week, while the tech-heavy Nasdaq closed out the week down 1.9% . The Dow Jones Industrial Average (DJI) slid 1.1% or 373.56 points to close at 34,099.42 . All three major indexes ended firmly in the red. Investors remained nervous about what to expect from Fed Chair Jerome Powell’s Jackson Hole speech . The fear-gauge CBOE Volatility Index (VIX) was up 7.6% at 17.20.
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