NEW HEIGHTS... The Dow gained a decent 0.5%, while the S&P 500 and the Nasdaq hit new highs, as trade and politics took a back seat to Fed Chairman Powell's comments, economic data and strong corporate earnings.
At the Fed's symposium in Jackson Hole, Wyoming, Powell said "the current path of gradually raising interest rates" would keep the economy growing without overheating and prevent inflation from overshooting its target range.
One more measure of the strengthening economy is Durable Goods Orders, up 9.2% overall from a year ago. Gains were widespread, though the volatile transportation sector pulled down July's overall read.
The week ended with the Dow UP 0.5%, to 25790; the S&P 500 UP 0.9%, to 2875, and the Nasdaq UP 1.7%, to 7946.
Bonds fell as investors flocked to stocks, but the Fed chair's speech brought prices back up on Friday. The 30YR FNMA 4.0% bond ended up .15, to $101.98. In Freddie Mac's latest Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate fell for the third week in a row. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW?... Millennials account for one in three home purchases, and 89% of new home shoppers use a mobile search engine throughout the buying process.