Stocks rose around the world Friday, and the Standard & Poor’s 500 index was on pace for its first winning week in the last three.
It’s been a relatively quiet week so far, with a calendar light on market-moving events and fewer shares trading hands than is typical. Investors have been waiting to hear from the heads of two of the world’s most influential central banks, who are slated to speak at a symposium later in the day, though many analysts expect minimal reaction from the market.
KEEPING SCORE: The Standard & Poor’s 500 index rose 11 points, or 0.5 percent, to 2,450 as of 10 a.m. Eastern time. Gains were widespread, and all 11 sectors that make up the index were up.
The Dow Jones industrial average rose 97 points, or 0.5 percent, to 21,880, the Nasdaq composite climbed 27, or 0.5 percent, to 6,299 and the Russell 2000 index of small-cap stocks rose 5, or 0.4 percent, to 1,379.
CENTRAL BANK WATCH: Economists and central bankers around the world have gathered in Jackson Hole, Wyoming, for a symposium that has been the source of fireworks for markets in past years. Central bankers have used the forum in the past to signal big upcoming changes in policy. This year, though, most economists are expecting no big surprises.
Up first is Federal Reserve Chair Janet Yellen. The Fed has already begun raising interest rates and is preparing to pare back the $4.5 billion in Treasurys and other investments that it built up following the Great Recession.
The European Central Bank’s head, Mario Draghi, will speak at 3 p.m. Eastern time. Europe’s economy has been improving, and investors are waiting to hear if Draghi will give any hint about when his central bank may turn the spigot on its stimulus.
IN THE DRIVER’S SEAT: Autodesk, which makes design software, jumped to one of the biggest gains in the S&P 500 after reporting stronger revenue and a milder loss for the latest quarter than analysts expected. It rose $5.42, or 4.9 percent, to $116.03.
MARKETS OVERSEAS: Stocks rose around the world. France’s CAC 40 rose 0.2 percent, the FTSE 100 in London gained 0.3 percent and Germany’s DAX climbed 0.2 percent. Japan’s Nikkei 225 index picked up 0.5 percent, the Hang Seng in Hong Kong jumped 1.2 percent and South Korea’s Kospi edged up by 0.1 percent.
YIELDS: The yield on the 10-year Treasury fell to 2.18 percent from 2.20 percent late Thursday. The two-year yield rose to 1.35 percent from 1.33 percent, and the 30-year yield slipped to 2.76 percent from 2.77 percent.
CURRENCIES: The dollar rose to 109.70 Japanese yen from 109.51 yen late Thursday. The euro edged up to $1.1808 from $1.1806, and the British pound rose to $1.2825 from $1.2802.
COMMODITIES: Benchmark U.S. crude added 9 cents to $47.52 per gallon. Brent crude, the international standard, gained 37 cents to $52.03 per barrel.
Wholesale gasoline jumped again as Hurricane Harvey approached Texas’ Gulf coast, which is home to many refineries. Wholesale gasoline rose 3 cents, or 1.7 percent, to $1.57 per gallon. Heating oil added 2 cents to $1.64 per gallon and natural gas fell 4 cents to $2.94 per 1,000 cubic feet.
Gold rose $5.20 to $1,297.20 per ounce, silver added 17 cents to $147.13 per ounce and copper rose a penny to $3.05 per pound.
