August 27, 2021

August 27, 2021

Stocks closed positive today as Federal Reserve Chairman Jerome Powell prepared the markets for the central bank to pull back on some of its monetary stimulus, saying it’s likely to start tapering its $120 billion in monthly bond purchases this year.

 

Dow Jones finished +243 at 35,455

S&P 500 finished +39 at 4,509

NASDAQ finished +184 at 15,129

 

The 10 Year Treasury closed down 3 basis points yielding 1.30%

Oil prices closed up $1.30 ending at $68.72 a barrel.

Gold prices closed up $26.20 ending at $1,821 an ounce.

 

In the days’ stock news:

 

  • Gap closed up 0.4% after reporting quarterly adjusted earnings of 70 cents per share on revenue of $4.21 billion.
  • Peloton closed down more than 8% after a disappointing quarterly report. The company reported revenue growth in its fiscal fourth quarter that slowed down drastically, while posting a wider-than-expected loss as costs from its treadmill recall mounted. Peloton also offered up an underwhelming revenue outlook for its first quarter.

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