Stocks Mixed as Fed's Yellen Praises Reforms That Made Banks Safer
Stocks were mixed halfway through the trading day after comments from Federal Reserve Chairwoman Janet Yellen. The Dow is up 0.22% with the S&P 500 up 0.24% and the Nasdaq trading down 0.1%.
Yellen's comments at the Jackson Hole economic symposium didn't move markets too dramatically. But Yellen did bolster bank stocks when she called the financial system "substantially safer." The bulk of Yellen's commentary revolved around policy reform that has healed the financial system a decade after the Great Recession. Yellen made no mention of trimming the Fed's balance sheet or hiking interest rates.
The Gulf Coast is bracing for Hurricane Harvey. Texas could get more than two feet of rain in some cities and the Category 2 storm has been labeled "life-threatening." Crude oil has rebounded Friday, with WTI futures up over 0.4%. Oil prices had fallen Thursday on concerns that shut-in Gulf refineries would lead to a surplus in fuel inventories.
Ulta Beauty Inc (ULTA) - Get Report stock tumbled nearly 10% Friday even though the retailer reported earnings that beat expectations. The snag in Ulta's second quarter financials came in the form of revenue, which just barely fell in line with analyst expectations. Ulta also reported comp sales guidance that didn't inspire much confidence in investors.
