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  3. US markets end mostly higher on Thursday

US markets end mostly higher on Thursday

28 Aug 2020 Evaluate

The US markets ended mostly higher on Thursday, with the S&P 500 index notching another record finish, after Federal Reserve Chair Jerome Powell announced a widely expected shift with regard to the price-stability side of the central bank’s dual mandate. Powell said that the Fed will change its approach to a flexible form of average inflation targeting. The Fed chief stressed that the longer-run goal continues to be an inflation rate of 2 percent but noted inflation will average less than that if it runs below 2 percent following economic downturns and never moves above that level even when the economy is strong. Powell said households and businesses will come to expect this result, meaning that inflation expectations would tend to move below our inflation goal and pull realized inflation down.

On the economic data front, Economic activity in the US contracted slightly less than initially estimated in the second quarter, according to a report released by the Commerce Department, although the report still showed a sharp drop in gross domestic product. The report said real gross domestic product plummeted by 31.7 percent in the second quarter compared to the previously reported 32.9 percent nosedive. Street had expected the plunge in GDP to be revised to 32.5 percent. Meanwhile, the Labor Department released a report showing initial jobless claims pulled back in the week ended August 22nd. The report said initial jobless claims dropped to 1.006 million, a decrease of 98,000 from the previous week's revised level of 1.104 million. Street had expected jobless claims to decline to 1.000 million from the 1.106 million originally reported for the previous week.

Dow Jones Industrial Average rose 160.35 points or 0.57 percent to 28,492.27, S&P 500 was up by 5.82 points or 0.17 percent to 3,484.55, while Nasdaq lost 39.72 points or 0.34 percent 11,625.34.

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