Stocks finished the day narrowly higher as comments out of Jackson Hole underwhelmed investors. The Dow finished Friday up over 0.3%, joined by the S&P 500 up around 0.4%. The Nasdaq hovered close to zero most of the afternoon to close trading slightly higher.
Following relatively academic comments from Federal Reserve Chairman Janet Yellen this morning, markets were little changed. European Central Bank President Mario Draghi took the stage at 3. His comments were also broad. Draghi called on multinational corporations to accomplish mutual trade goals that benefit not one, but all countries. The equities market didn't react much in the period following Draghi's appearance.
U.S. oil producers took nine rigs offline in the last week according to Baker Hughes data. That puts the total active rigs in the U.S. at 940 for the week. Rigs are up by 451 since this time last year. The data comes after a bullish week for oil and natural gas, which both benefitted from news OPEC members would do their best to solve the global supply glut at their November meeting. Crude oil futures for October delivery settled at $47.87 Friday, down 1.6% for the week.
And you know how Chipotle employees are always asking you if you know guacamole is extra? Well, that's not going away anytime soon. Avocado prices have jumped 50% since last year and 75% since last month. Chipotle isn't likely to raise prices to reflect the increased cost, but earnings per share and margins could take a hit in the near-term.