Although all three major indexes finished flat or lower for the session, they still managed to eke out weekly wins, as investors weighed comments from Fed Chair Kevin Warsh at annual Jackson Hole symposium. Warsh suggested the Federal Reserve would continue to fight inflation despite recent upbeat economic readings, with CME's FedWatch tool now pricing in a 57% chance for a rate hike in September, up from 35% yesterday.
Elsewhere, the small cap Russell 2000 (RUT) suffered its lowest close since Aug. 3, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its fourth-straight loss.
Gold, Oil Log Steep Weekly Drops
Crude prices slipped as investors grew frustrated over the lack of progress in the Middle East. September-dated West Texas Intermediate (WTI) oil shed 13 cents to finish at $83.40 per barrel for the session and lost 4.2% on the week.
Gold futures backpedaled this afternoon, finished the session lower after Warsh's Jackson Hole speech. December-dated gold fell 3% to settle near $4,524.10 for the day and 3.2% for the week.
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