Dow rises 100 pts as Fed reveals new inflation policy

Thursday, 27. August 2020 15:31

The Dow Jones Industrial Average jumped 100 points and the Nasdaq and S&P 500 opened on record highs as the Jackson Hole Symposium started and United States Federal Reserve Chair Jerome Powell announced that the Fed would from now on allow inflation to exceed 2% at times, with its goal set at 2% on average. Before the bell, data showed the US GDP dropped 31.7% in the second quarter as the figure came in a little lower than expected.

The Dow rose 0.31% in the first minute of trading, with Boeing increasing 2.11% at the same time. The Nasdaq 100 was 18% higher at 9:30 am ET as NetApp jumped 9.9% at 9:31 am ET after reporting better-than-expected earnings. The S&P 500 increased 0.21% at 9:30 am ET as American Airlines gained 8.92% at 9:47 am ET.

The euro rose 0.20% to 1.18542 against the dollar at 9:32 am ET.

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Author:
Breaking the News / VP