US Equities Markets Close Higher Friday As Powell Hints Easing of Monetary Policy

04:01 PM EDT, 08/23/2024 (MT Newswires) -- US benchmark equity indexes ended higher Friday as markets responded to comments by Federal Reserve Chair Jerome Powell regarding easing of monetary policy and diminishing of upside risks to inflation.

* "The time has come for policy to adjust," Powell said at the Kansas City Fed-sponsored economic symposium in Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Powell added.

* "While Chair Powell didn't give much in terms of the expected pace of cuts, it didn't seem like an oversized 50-basis-point cut is warranted at this time," TD Senior Economist James Orlando said in a Friday note to clients.

* October West Texas Intermediate crude oil closed up $1.91 to settle at $74.92 per barrel, while October Brent crude, the global benchmark, was last seen up $1.84 to $79.06.

* Applied DNA Sciences (APDN) shares jumped over 40% after the company said its unit, Applied DNA Clinical Labs, submitted a validation package to the New York State Department of Health seeking to expand the permitted use of its Linea Mpox Virus 1.0 Assay to include both mpox clade I and clade II.

* GD Culture Group (GDC) shares slumped 20% after the company and its subsidiary AI Catalysis said Friday they launched an AI-driven web application SyncWaveX under its AI Box software brand that automates lip and facial syncing with audio, enabling quick and realistic video creation.