Stocks eke out gains Friday after Federal Reserve Chair Janet Yellen did not mention monetary policy in her speech at Jackson Hole. Fred Katayama reports.
Investors liked what they didn't hear from Fed Reserve Chair Janet Yellen, sending stocks slightly higher on Friday. Yellen didn't mention monetary policy in her speech at the Jackson Hole conference of central bank chiefs. She defended the financial reforms put in place amid the Great Recession, and investors interpreted her remarks as dovish. FBB Capital Partners president Mike Mussio: SOUNDBITE: MIKE MUSSIO, PRESIDENT, FBB CAPITAL PARTNERS, (ENGLISH) SAYING: "She didn't really give any clue in terms of data points from a lower wage inflation they're looking for or lower unemployment which is kind of a driver. So the market is factoring in that it'll be longer term before we see the next rate hike and low interest rates in support of prices. So that's probably why we had a little bit of a pop this afternoon." Also lifting stocks: a presidential adviser said the White House would focus on tax reform next week. Oil prices rose as the industry braces for Hurricane Harvey. That pushed up stocks of producers Exxon and Chevron. Ulta Beauty's shares sank. The retailer's quarterly comparable sales rose but narrowly missed estimates. Its profit forecasts also disappointed Wall Street. Stocks inched lower in Europe, weighed down by consumer and telecom stocks.