Investing.com – Wall Street was higher on Friday, as technology stocks surged and investors looked ahead to comments from Federal Reserve bankers.
The S&P 500 gained 8 points, or 0.30%, to 2,866.51 as of 9:42 AM ET (13:42 GMT), while the Dow increased 80 points, or 0.31%, to 25,737.07 and the tech-heavy Nasdaq Composite rose 39 points, or 0.50%, to 7,918.19.
Fed Chair Jerome Powell is expected to speak on Friday at the annual meeting of central bankers in Jackson Hole, Wyo. Investors will listen closely for possible clues on future monetary policy. The central bank held interest rates unchanged at its last meeting on August 1, giving an upbeat assessment of the world's biggest economy, as it stays on course to gradually lift interest rates.
St. Louis Federal Reserve President James Bullard said he does not want the central bank to raise rates again this year.
"If it was just me I'd stand pat where we are and I'd try to react to data as it comes in," he told CNBC. "I just don't see much inflation pressure."
Technology stocks were among the top gainers after the morning bell, with Netflix (NASDAQ:NFLX) up 1.96% and Twitter (NYSE:TWTR) increasing 1.15%. Medical marijuana company Canopy Growth (NYSE:CGC) surged 4.45%, while cannabis company Cronos Group (NASDAQ:CRON) increased 9.58%.
Elsewhere, retailer Foot Locker (NYSE:FL) slumped 9.36%, despite reporting higher-than-expected earnings, while Gap (NYSE:GPS) fell 8.54% amid sales decline at its benchmark Old Navy brand.
In Europe stocks were up. Germany’s DAX rose 13 points, or 0.11%, while in France the CAC 40 increased 14 points, or 0.27%, and in London, the FTSE 100 was up 14 points, or 0.19%. Meanwhile, the pan-European Euro Stoxx 50 gained 6 points, or 0.20%, while Spain’s IBEX 35 surged 29 points, or 0.30%.
In commodities, gold futures rose 0.72% to $1,202.60 a troy ounce, while crude oil futures increased 1.70% to $68.98 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.35% to 95.22.