The Magazine for Asian Investors
The Dow fell more than 3% on Friday (Aug. 26) after Federal Reserve Chairman Jerome Powell signaled that the Fed would continue to raise interest rates to curb inflation.
- The Dow Jones Industrial Average closed at 32,283.40, down 1,008.38, or -3.03%.
- The S&P 500 closed at 4,057.66, down 141.46, or -3.37%.
- The Nasdaq closed at 12,141.71, down 497.56, or -3.94%.
Crude oil futures rose, driven by Saudi Arabia signaling that OPEC oil-exporting countries may cut oil production, while trading was volatile.
- WTI crude futures rose 54 cents, or 0.6%, to $93.06 a barrel and were up 2.9% for the week.
- BRENT crude futures rose $1.65, or 1.7%, to $100.99 a barrel and gained 4.4% last week.
Gold futures fell more than 1% after Federal Reserve Chairman Jerome Powell said in a speech at Jackson Hole that the Fed must continue to raise interest rates until inflation is under control.
- Gold fell $21.6, or 1.22%, at $1,749.8 an ounce.
- Silver was down 37.4 cents, or 1.96%, at $18.746 an ounce.
- The platinum contract was down $18.6, or 2.13%, at $855.3 an ounce.
- The palladium contract was down $17.90, or 0.8%, at $2,121.90 an ounce.
The dollar rose against a basket of major currencies after Federal Reserve Chairman Jerome Powell indicated the Fed would continue to raise interest rates to curb inflation.
- The dollar index against the six major currencies in a basket of currencies rose 0.31% to 108.8060.
- The dollar strengthened against the yen at 137.37 yen from 136.46 yen.
- The dollar strengthened against the Swiss franc at 0.9664 francs from 0.9635 Swiss francs.
- The dollar was also strong against the Canadian dollar at 1.3026 Canadian dollars from 1.2937 Canadian dollars.
- The euro was lower against the dollar at $0.9968 from $0.9973.
- The pound fell to $1.1744 from $1.1828.
- The Australian dollar fell to $0.6894 from $0.6978.