Stocks Up On Friday, S&P And Nasdaq Close Higher For The Week

Plus 5 Just-Added Strong Buys Stocks Up On Friday, S&P And Nasdaq Close Higher For The Week [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up On Friday, S&P And Nasdaq Close Higher For The Week [Stocks Up On Friday, S&P And Nasdaq Close Higher For The Week]Image: Bigstock Stocks closed higher on Friday, and mostly higher for the week. While the Dow was down -0.44% on the week, the S&P was up 0.82%, and the Nasdaq gained an impressive 2.25% for the week. Friday, however, was a volatile day. It started in the green. But then went negative once Fed Chair, Jerome Powell, spoke at Jackson Hole, and suggested more rate hikes might be needed (how is that a surprise?), but then quickly recovered and ended closer to their highs of the day. Mr. Powell on Friday said "although inflation has moved down from its peak – a welcome development – it remains too high." He followed that with "we are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective." But he was also quick to say that the Fed will "proceed carefully," while acknowledging the risks of "doing too little" to "allow above-target inflation to become entrenched," and "doing too much" which could “do unnecessary harm to the economy." Again, no surprises. The Fed will proceed cautiously. They will be data driven. They are intent on getting inflation lower. But do not want to needlessly tank the economy while doing so. All in all, it still looks like the Fed is near the end of their rate hike cycle, give or take another rate hike or two (or none). We'll get a better feel for that this Friday when the Personal Consumption Expenditures (PCE) index comes out. This is the Fed's preferred inflation gauge. Last month's report showed continued easing with the headline rate coming in at 3.0% y/y vs. the previous month's 3.8%. And the core rate (ex-food & energy) declined to 4.1% y/y vs. the previous month's 4.6%. Another month of moderation would bolster the outlook for those looking for a pause on rates on September 19-20 (the next FOMC meeting), while a lack of easing, or an increase in inflation would bolster the outlook for those expecting a hike. The PCE index will be the main event this week (on Friday). In the meantime, the market will try and build on last week's gains this week, and put the pullback behind us. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Why Haven't You Looked at Zacks' Top Stocks?]( Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation. [See Stocks Free »]( Most Popular Articles from Zacks.com [Block Out the Market Noise: 3 Proven Large Cap Stocks to Buy Now]( Investors with long-term horizons who can block out the near-term noise should consider buying these proven large cap stocks. [Read More »]( [Breaking Down the Construction & Housing Earnings Picture]( The Fed's extraordinary tightening cycle has been impacting the sector's earnings picture. [Read More »]( [Powering Up Your Portfolio: 2 Utility Stocks Worth Investing in Today]( Both of these utility stocks have outperformed the industry over the last five years, have strong upward trending earnings revisions, and are experiencing some powerful price momentum. [Read More »]( [Buy These 3 Low-Beta Stocks to Navigate Volatility]( With volatility creeping back into the market, blending a layer of defense into portfolios with low-beta stocks could be highly beneficial. [Read More »]( [3 Airline Stocks to Watch Amid Upbeat Passenger Volumes]( Benefiting from rosy air travel demand & low fuel costs, these industry players are worth a watch. [Read More »]( [What's Today's Top Rated Mutual Fund?]( Use the Zacks Mutual Fund Rank, a quantitative ratings system designed to help you find the best funds to beat the market. See which ones to buy, which to sell and track your favorite mutual fund family. [Get started now »]( [Bull of the Day: Palo Alto Networks (PANW)]( With AI pushing the tech sector to new highs, PANW looks set to be a big beneficiary. [Read More »]( [New Zacks Strong Buys for August 28th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( More Zacks Resources Mobile App Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Zacks Members' Success Stories Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms of Service". [www.zacks.com/terms_of_service]( Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through July 3, 2023. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit [( for information about the performance numbers displayed above. Zacks Emails If you would prefer to not receive future profit-producing emails from [Zacks.com]( the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please [click here]( and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606