US closes higher on prospects of Fed tapering

Friday, 27. August 2021 22:01

Major stock markets in the United States closed the last trading session of the week with gains following Federal Reserve Chairman Jerome Powell's remarks at the Jackson Hole symposium, during which he reaffirmed that the Fed will begin tapering asset purchasing later this year, but the federal fund rates will not immediately be increased just yet.

Meanwhile, Disney shares rose after reports that its subsidiary ESPN is seeking to license its brand to major sports-betting operators for at least $3 billion over several years. Peloton on the contrary slid 8% following the announcement that the US government subpoenaed the company over injury claims.

The Dow closed with 0.69% above the flatline led by Dow Inc climbing 2.72%, while the S&P 500 grew by 0.88% as Occidental Petroleum jumped 6.92%. The Nasdaq 100 gained 1.01% with Workday soaring by 9.13%. The euro advanced by 0.37% against the dollar exchanging hands for $1.17956 at 3:59 pm ET.

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