U.S. stock benchmarks gave up some ground late-morning Friday, but still looked set to log weekly gains as investors Fed Chairwoman Janet Yellen opted not to make any specific comments on monetary policy in a highly anticipated speech in Jackson Hole, Wyo. Equity markets had already been riding higher on the back of the possibility of tax reform after remarks made by Gary Cohn, the president’s economic adviser. The Dow Jones Industrial Average rose about 60 points, or 0.3%, at 21,847. Dow components Boeing Co. Nike Inc. and Intel Corp. , were helping to limit gains for blue chips. The S&P 500 index climbed 8 points, or 0.3%, at 2,447, while the Nasdaq Composite Index added 8 points, or 0.1%, at 6,279. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In her Wyoming speech Fed Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy. Meanwhile, investors were also Cohn’s interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks’s rise to records after Trump’s election victory in November. In that interview, Cohn also said he seriously considered resigning in response to comments Trump made about a Charlottesville, Va., white-supremacist rally, however, Cohn decided against leaving. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low after the retailer’s results late Thursday showed second-quarter sales growth slowed. European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern at Jackson Hole. Check out a live blog of the Jackson Hole symposium here.
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