Equities Hike in Anticipation of Powell Remarks

U.S. stocks gained on Friday ahead of a keenly awaited speech by Federal Reserve Chair Jerome Powell at the Jackson Hole summit that could indicate the central bank's interest rate move at its next meeting in September.

The Dow Jones Industrials gained 176.77 points to commence the last session of the week at 34,276.19.

The S&P 500 index recovered 28.07 points to 4,404.38.

The NASDAQ index surged 111.26 points to 13,575.23.

Shares of Marvell Technology fell 5.4% after the chipmaker posted a fall in second-quarter revenue, hit by a weak enterprise market.

Shares of Gap rose 4.0% after the company beat second-quarter profit estimates, while Nordstrom slipped 4.1% after the department store chain left its forecasts unchanged.

Hawaiian Electric dropped 19.1% after the county of Maui sued the power company and S&P downgraded its credit rating amid scrutiny over its role in the Maui wildfires.

Prices for the 10-year Treasury were stronger, lowering yields to 4.22% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.

Oil prices picked up 97 cents to $80.82 U.S. a barrel.

Gold prices sagged $4.50 to $1,942.60 U.S. an ounce.