Wall Street, interest rates
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By Suzanne McGee (Reuters) -Investors will next week train their sights on Jackson Hole, Wyoming, where Federal Reserve policymakers gather for their annual policy symposium, in a search for clues on the path of interest rate cuts that could boost stocks to more record highs.
The S&P 500 was virtually unchanged, a day after nudging to its latest all-time high, and is on track to close its fourth winning week in the last five. The Dow Jones Industrial Average was up 141 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was slipping by 0.1%.
Producer prices jumped in July but may not translate directly into the Fed’s preferred inflation gauge, easing fears of runaway inflation. Jobless
On Wall Street, stocks of companies that could benefit most from lower interest rates helped lead the way. PulteGroup climbed 5.4%, and Lennar rose 5.2% as part of a broad rally for homebuilders and others in the housing industry. Lower rates could make mortgages cheaper to get, which could spur more buying.
U.S. stocks edged back from their record levels on Friday in a quiet finish to another winning week. The S&P 500 slipped 0.3% from the all-time high it set the day before, as it closed its fourth winning week in the last five.
On Tuesday, Rick Rieder, BlackRock’s chief investment officer of global fixed income and a frequent guest on financial television, told CNBC that this is the best investment environment ever.
July jobs report misses expectations with 73K jobs added, unemployment at 4.25%. Click here for more information on U.S. Economy.
Top voices on Wall Street have expressed alarm over the idea that Trump could fire Fed Chair Jerome Powell, emphasizing the need for Fed independence.