Market closes higher; stocks extend gains from last week
Market traded with majority of the stocks higher on the opening session of the week, extending advances from last week and setting fresh record levels while waiting for new economic prints to be released.
This was brought by the positive news from the central bank's Jackson Hole symposium, in which the Federal Reserve announced their stance that the monetary policies will not be immediately removed.
Fed Chair Jerome Powell stated that removing the policy in the wrong timing could potentially harm the economic recovery, hence the central bank will be waiting for further progress on the recovery and make sure that it's steady before any tapering will be made on the highly accommodating asset purchase program that helped equities to stay afloat on the pandemic era. Still, he indicated that adjustments on the purchase program will be in place so long as the recovery continues on its positive trend.
Traders will be receiving more prints on the labor market this week which will indicate how things fared while the delta variant continues to rampage. The Labor Department's jobs report for August is set to be released on Friday, which is being viewed and expected by economists to drop to 750,000, which will represent the growth of the payrolls for 8 consecutive months, albeit the growth will be lower compared to July's 943,000 jobs.
Significant moves on stocks are listed as such:
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