S&P 500, Nasdaq nab all-time closing highs as Powell soothes taper fears – Reuters

S&P 500, Nasdaq nab all-time closing highs as Powell soothes taper fears – Reuters

NEW YORK, Aug 27 (Reuters) - Wall Street rallied on Friday, pushing the S&P and the Nasdaq to record closing highs for the fourth time this week, as U.S. Federal Reserve Chairman Jerome Powell's remarks at the Jackson Hole Symposium calmed fears over the tapering timetable and sent investors into the weekend in a buying mood.

All three indexes posted weekly gains.

"I see two things happening," said Mike Zigmont, head of research and trading at Harvest Volatility Management in New York. "I see a reflexive dip-buying validation and I see the market embracing a dovish Fed."