US stocks rise and Treasury yields jump after Powell at Jackson Hole, says Fed is prepared to raise rates if appropriate

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US stocks rose and Treasury yields jumped after Powell stuck to the script in his Jackson Hole speech, saying that the Fed is “prepared to raise rates further if appropriate,” even as he stressed that the central bank would “proceed carefully,” guided by economic data. Lagarde, likewise, said the ECB would set borrowing costs as high as needed to keep inflation in check but stopped short of signaling an increase at the next meeting.

   

The Nasdaq Composite Index rose 0.94 percent, the S&P 500 index was up by 0.67 percent and The Dow Jones Industrial Average appreciated 0.73 percent.