Dow closes 300 points higher, extends rally to second day ahead of Powell’s Jackson Hole speech; European markets close slightly higher ahead of Jackson Hole
The Dow Jones Industrial Average jumped Thursday, extending a two-day rally ahead of Federal Reserve Chair Jerome Powell’s Jackson Hole speech.
The Dow spiked 322.55 points, or 0.98%, to 33,291.78, with gains accelerating in the final hour of trading. The S&P 500 jumped 1.41% to 4,199.12, and the Nasdaq Composite advanced 1.67% to 12,639.27.
Still, the major averages are on pace for a losing week. The Dow is down 1.23% through Thursday, the S&P 500 is 0.69% lower, and the Nasdaq Composite is down 0.52%.
Snowflake jumped 23.1% after posting a beat on revenue. Shares of Peloton dropped 18.3% after the equipment maker reported an earnings miss.
Jobless claims drifted lower in the week ending Aug. 20, according to the Labor Department. A revision for second-quarter gross domestic product showed a smaller decline compared to an earlier reading.
Salesforce stock fell about 5.6% after Salesforce issued disappointing guidance for fiscal 2023. Still, the software company beat earnings and revenue expectations, and approved a $10 billion stock buyback program, a first for the company.
The pan-European Stoxx 600 index ended the day up 0.3%, following a mixed day’s trade. Oil and gas stocks climbed 1.1% while retail stocks fell 2%.
Novartis announced Thursday that it would spin off its generics arm Sandoz and list it on the Swiss stock exchange. Subject to tax rulings, board and shareholder approvals and market conditions, Novartis said the transaction is expected to be completed in the second half of 2023. Shares of Novartis rose 0.8% during early morning trade in London.
Subject to tax rulings, board and shareholder approvals and market conditions, Novartis said the transaction is expected to be completed in the second half of 2023. Shares of Novartis rose 0.8% during early morning trade in London.
Source: CNBC, Investing.com