Carl Quintanilla, Jim Cramer and David Faber digest comments from Federal Reserve Chairman Jerome Powell. The Fed Chair presenting at the virtual Jackson Hole summit and announcing a major policy shift to “average inflation targeting.” The central bank will be more inclined to allow inflation to run higher than the standard 2% target before hiking interest rates. The Fed also announcing its changing its approach to employment in a way that will focus on those at the lower end of the income spectrum. Investors appearing happy with what they heard from the Chairman of the Federal Reserve, as all three of the major averages rose on his comments. Plus, breaking news out of TikTok, as the CEO quits after sources say he was excluded from deal talks with Microsoft. Shares of Abbott Labs winning FDA approval for a rapid COVID-19 test that will be used by health professionals and medical labs. The portable test will cost $5 and can deliver results in 15 minutes.

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27 Aug 2020