*By Chloe Aiello* Markets soared on Friday ー the Dow Jones Industrial Average closing the day up close to 750 pointsーfollowing comments by Fed Chair Jerome Powell on monetary policy and reports that the jobs market is not slowing. The tech-heavy Cheddar 50 Index, which measures the performance of Cheddar's 50 top companies ー from Apple ($AAPL) to GM ($GM) ー gained 5.4 percent on Friday, amid broader market gains. The index's top performers were Roku ($ROKU), and Square ($SQ), which climbed more than 10 percent each. Meanwhile, the Dow spiked 3.3 percent, or 747 points on Friday. The S&P 500 gained 3.4 percent while the Nasdaq also crossed into positive territory, up 4.3 percent. Technology stocks have recently been a laggard to major indices, but Friday saw the entire sector higher, with names like Netflix ($NFLX), Amazon ($AMZN), Google-parent Alphabet ($GOOGL), Facebook ($FB) [and even Apple ($AAPL)](https://cheddar.com/videos/apple-shock-sends-markets-tumbling) all closing up more than 4 percent. The broader market gains follow comments by the Fed Chair at the American Economic Association's annual meeting in Atlanta. Alongside past Fed chairs Janet Yellen and Ben Bernanke, Powell reiterated much of what he has said in the past few months concerning monetary policy. "As always, [there is no preset path for policy](https://cheddar.com/videos/markets-soar-after-fed-chairman-powells-reassuring-comments-on-the-economy)," Powell said, according to CNBC. "And particularly with muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves." He also added that the Fed was prepared to adjust its approach to interest rate hikes should that policy appear to cause problems with the economy. The Fed said in December it anticipated raising rates twice in 2019. [A strong jobs report from the Bureau of Labor Statistics](https://www.bls.gov/news.release/empsit.nr0.htm) also likely quelled some fears that the U.S. is part of a broader economic deceleration. Nonfarm payroll jobs climbed by 312,000 in December, and unemployment climbed 0.2 percent to 3.9 percent, which is still lower than the 4.1 percent unemployment rate the Bureau reported last December. The Federal Reserve is responsible for establishing interest rates, or the cost of borrowing money. The higher the interest rate, the greater the cost to pay off credit. Higher rates can put downward pressure on the economy, but often combat inflation. President Trump has been a vocal critic of the Fed's rate hikes ー and of Powell personally, [going so far as to say in a December interview](https://cheddar.com/videos/markets-soar-after-fed-chairman-powells-reassuring-comments-on-the-economy) he was "not even a little bit happy with my selection of Jay" as Fed Chair. When asked about President Trump on Friday, Powell said he would not resign if asked by the president.

Share:
More In Business
Facebook Users: Aug. 25th Is Your Last Day to Apply for Part of This $725M Settlement
Anyone in the U.S. who had an account at any time between May 24, 2007, and December 22, 2022, is eligible to receive a payment. The 2022 settlement resolves a lawsuit alleging that Facebook allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s 2016 presidential campaign.
Climate Change May Force More Farmers and Ranchers to Consider Irrigation -- at a Steep Cost
Irrigation might have saved Jackson's hay, but she and her husband rejected the idea about 10 years ago over the cost: as much as $75,000 for a new well and all the equipment. But now — with an extended drought and another U.S. heat wave this week that will broil her land about an hour northwest of Dallas for days in 100-degree-plus temperatures — Jackson said she is “kind of rethinking.”
Load More