Wall Street closes in the green after Yellen's and Draghi's speeches
Wall Street remains robust into the close at the end of the week where investors cheered the status quo from Draghi while Yellen did not talk about monetary policy at the Federal Reserve Bank of Kansas City’s Economic Symposium at Jackson Hole.
Markets quickly turned back to the idea that the Trump administration is busy behind the scenes arranging tax reform legislation seem as positive for stocks and left the Dow Jones Industrial Average to rise by 60 points, or 0.3%, and to close at 21,847. The S&P 500 index added 8 points, or 0.3%, to close at 2,447 and the Nasdaq Composite Index also put up 8 points, or 0.1%, to finish at 6,279.
In summary of the speeches, Draghi said the global recovery is firming up while steering clear of talking about monetary policy. He did, however, warn that protectionism poses a serious risk for continued productivity growth and potential growth in the global economy and how regulators should be wary of rekindling the incentives that led to the crisis. He did say that there is still more work to do on inflation. Yellen stuck to the script and highlighted that financial rules have made the economy stronger and argued that changes should be "modest.
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