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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Aug 27, 2020
Page
5
The S&P 500 reached a fresh record as big tech led gains while most index members closed lower. The Dow rose modestly and the Nasdaq climbed 1.7 percent to another record. Small caps lagged as investors awaited Jerome Powell's Jackson Hole speech.
The energy sector evacuates platforms and rigs in the Gulf of Mexico and refineries shut down as Hurricane Laura bears down on Texas and Louisiana. Utilities brace for power outages while experts warn of integrated system damage from pipelines to electricity.
Powell to outline a flexible framework allowing inflation to overshoot 2 percent. The Fed aims to keep its benchmark rate near zero for years as the economy recovers from the pandemic while a renewed policy review unfolds amid weak growth and high unemployment.
Dick's Sporting Goods reports a second quarter beat with 276.8 million profit or 3.12 per share on 2.71 billion revenue. Excluding one time costs earnings reach 3.21 per share. Store sales rise 20.7 percent and online sales nearly triple amid home fitness demand. Investors push stock up over 15 percent.
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