{"id":837,"date":"2021-08-29T13:55:04","date_gmt":"2021-08-29T13:55:04","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=837"},"modified":"2021-08-29T13:55:08","modified_gmt":"2021-08-29T13:55:08","slug":"major-indexes-finish-week-green-fed-prepares-taper","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/08\/29\/major-indexes-finish-week-green-fed-prepares-taper\/","title":{"rendered":"Major Stock Indexes Finish the Week in the Green as Fed Prepares for Tapering This Year"},"content":{"rendered":"\n<p>Stocks of the major averages rose on Friday and closed the week in the green as Fed Chairman Jerome Powell prepared the markets for the central bank to pull back on some of its monetary stimulus. Powell is likely to start tapering its $120 billion in monthly bond purchases this year.<\/p>\n\n\n\n<p>The Dow added 242.68 points, or 0.6%, to 35,455.80. The S&amp;P 500 gained 0.8% to hit a new high of 4,509.37. The Nasdaq Composite rose 1.2%, also hitting a new record to close at 15,129.50.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"740\" height=\"416\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/106934570-1630099960008-aa_img_10_57_160_137655_1000-1630099838793.jpg\" alt=\"Major Stock Indexes Finish the Week in the Green as Fed Prepares for Tapering This Year\" class=\"wp-image-838 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/106934570-1630099960008-aa_img_10_57_160_137655_1000-1630099838793.jpg 740w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/08\/106934570-1630099960008-aa_img_10_57_160_137655_1000-1630099838793-300x169.jpg 300w\" data-sizes=\"(max-width: 740px) 100vw, 740px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 740px; --smush-placeholder-aspect-ratio: 740\/416;\" \/><\/figure>\n\n\n\n<p>The three major indexes closed the week in the green.&nbsp;<\/p>\n\n\n\n<p>The Dow finished up 0.9%, the S&amp;P 500 gained 1.5%, and the Nasdaq Composite added 2.8%.<\/p>\n\n\n\n<p>The 10-year Treasury yield, which ran up this week into the <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2021\/08\/27\/powell-sees-taper-by-the-end-of-the-year-but-says-theres-much-ground-to-cover-before-rate-hikes.html\" target=\"_blank\">Powell speech<\/a>, also eased slightly after the soothing words from Fed Chairman. Markets seem relieved the Fed isn\u2019t planning to raise rates soon as Powell indicated that hiking interest rates were not on his immediate to-do list.<\/p>\n\n\n\n<iframe width=560 height=349 src=https:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&#038;byGuid=7000207098 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ><\/iframe>\n\n\n\n<p>According to Jerome Powell, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/link.morningbrew.com\/click\/24880152.1727855\/aHR0cHM6Ly9hcG5ld3MuY29tL2FydGljbGUvYnVzaW5lc3MtaGVhbHRoLWNvcm9uYXZpcnVzLXBhbmRlbWljLWVjb25vbXktNTU0MGEzMTE1ZDA0MWUxMDMyN2JmY2FkMmJlMDQzZTg_dXRtX3NvdXJjZT1tb3JuaW5nX2JyZXc\/5fcc928cb841c862285e5c6fB3eceae3d\" target=\"_blank\">the economy has recovered<\/a> significantly that <em>\u201cit could be appropriate\u201d<\/em> to start slowing down some of the Fed\u2019s pandemic-era stimulus measures.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/08\/27\/sp-nasdaq-broke-5-day-win-streaks-ahead-feds-stimulus-plan\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"S&amp;P 500 and Nasdaq Broke 5-Day Win Streaks Ahead of Fed\u2019s Monetary Stimulus Plan (opens in a new tab)\">S&amp;P 500 and Nasdaq Broke 5-Day Win Streaks Ahead of Fed\u2019s Monetary Stimulus Plan<\/a><\/h5>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The backstory<\/strong><\/h2>\n\n\n\n<p>Since July last year, the Federal Reserve has been buying $120 billion worth of bonds and mortgage-backed securities each month to keep markets working.<\/p>\n\n\n\n<p>Fast forward to 2021, investors are now desperate to hear when the Fed will begin scaling back those asset purchases, a process known as \u201ctapering.\u201d Dialing back stimulus programs could potentially spark a \u201c<a href=\"https:\/\/www.investopedia.com\/terms\/t\/taper-tantrum.asp?utm_source=morning_brew\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">taper tantrum<\/a>\u201d in financial markets just like the one that rocked markets temporarily at the end of 2013.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>When exactly will the Fed start tapering?<\/strong><\/h2>\n\n\n\n<p>While Powell said the Fed will start this year, it\u2019s no doubt, very vague. To make it less vague, statements from other central bank officials suggest a tapering announcement could come as soon as the Fed\u2019s September 21-22 meeting.&nbsp;<\/p>\n\n\n\n<p>However, after Powell\u2019s speech, <a href=\"https:\/\/www.nxtmine.com\/news\/articles\/economics\/wall-street-reacts-to-powells-dovish-nothingburger-speech\/?utm_source=morning_brew\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Goldman Sachs predicted<\/a> that the Fed would give advance notice next month and then formally announce tapering in November.\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How\u2019re other stocks faring?<\/strong><\/h2>\n\n\n\n<p>Energy stocks led the S&amp;P 500 after being among the hardest hit on Thursday. Occidental Petroleum rose 6.9%, Cimarex Energy grew 6.5%, and APA Corp climbed 5.9%.<\/p>\n\n\n\n<p>Auto companies got a boost as Ford and General Motors (GM) rose 3% and 2%, respectively.<\/p>\n\n\n\n<p>Travel stocks were also up with the Invesco Dynamic Leisure and Entertainment ETF gaining 2.27%.<\/p>\n\n\n\n<p>Workday\u2019s shares surged 9.1% after reporting strong current earnings and subscription revenue that jumped 23% from last year. Peloton shares slid 8.5% a day after <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2021\/08\/26\/peloton-pton-q4-2021-loss.html\" target=\"_blank\">reporting sour earnings<\/a>.\u00a0<\/p>\n\n\n\n<iframe width=560 height=349 src=https:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&#038;byGuid=7000206989 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ><\/iframe>\n\n\n\n<p>The three major averages are on track to end August in the green. This month, the Dow is 1.4% higher, the S&amp;P 500 is up 2.6%, and the Nasdaq Composite also added 3.1% this month.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Join our\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.community.ancstockinvestments.com\/\" target=\"_blank\">Trading Community<\/a>\u00a0for more signals!<\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Stocks of the major averages rose on Friday and closed the week in the green as Fed Chairman Jerome Powell prepared the markets to start tapering this year.<\/p>\n","protected":false},"author":3,"featured_media":143,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,10],"tags":[114,176,177,133,121,17],"series":[],"ppma_author":[463],"class_list":["post-837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-stock","tag-dow","tag-fed","tag-jerome-powell","tag-nasdaq","tag-sp-500","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Major Indexes Finish Week in the Green as Fed Prepares to Taper<\/title>\n<meta name=\"description\" content=\"Stocks of the major averages rose on Friday and closed the week in the green as Fed Chairman Jerome Powell prepared the markets to start tapering this year.\" 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