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  3. US markets end sharply higher on Friday

US markets end sharply higher on Friday

27 Aug 2022 Evaluate

Falling to their lowest levels in a month, the US markets ended sharply lower on Friday reacting negatively to remarks by Federal Reserve Chair Jerome Powell. In his prepared remarks, Powell acknowledged the central bank's efforts to combat inflation will cause ‘some pain’ but argued a failure to restore price stability would mean ‘far greater pain’. Powell reiterated the Fed's resolve to bring inflation back to its 2 percent target, declaring that the ‘economy does not work for anyone’ without price stability. The Fed chief said the central bank would use its tools ‘forcefully’ to bring demand and supply into better balance. Powell noted lower inflation readings in July are welcome but said the Fed will need to see more than a single month's improvement before it is confident that inflation is moving down.

Ahead of Powell's remarks, the Commerce Department released its report on personal income and spending in the month of July, which included a reading on inflation said to be preferred by the Fed. The report showed the annual rate of core consumer price growth slowed to 4.6 percent in July from 4.8 percent in June. Street had expected the pace of growth to slow to 4.7 percent. Including food and energy prices, the annual rate of consumer price growth slowed to 6.3 percent in July from 6.8 percent in June. The slowdown surprised street, who had expected the pace of growth to accelerate to 7.4 percent.

Dow Jones Industrial Average slipped 1,008.38 points or 3.03 percent to 32,283.40, Nasdaq fell 497.55 points or 3.94 percent to 12,141.71 and S&P 500 was down by 141.46 points or 3.37 percent to 4,057.66.

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