ranked<\/a> by Forbes as the richest person in the world, had about $9.3 billion added to his net worth, estimated to be roughly $417 billion, as Tesla shares increased 5% by Friday afternoon.<\/p>\nOracle CEO Larry Ellison, the world\u2019s second-richest person, had his net worth increase by $4.4 billion to $282 billion as Oracle shares rose 1.7%.<\/p>\n
No. 3 Mark Zuckerberg\u2019s net worth increased by $3.6 billion to $258.5 billion as Meta shares jumped 1.8%, while No. 4 Jeff Bezos\u2019 fortune hit $239 billion after Amazon\u2019s 2.5% stock jump added $4.4 billion.<\/p>\n
Alphabet cofounders No. 5 Larry Page ($171.3 billion) and No. 6 Sergey Brin ($159.4 billion) added $3.2 billion and $2.9 billion, respectively, as Alphabet shares rallied more than 3.6%.<\/p>\n
No. 7 Nvidia\u2019s Jensen Huang ($154.2 billion) became $2 billion richer as Nvidia shares increased 1.8% and No. 8, former Microsoft CEO Steve Ballmer ($153 billion), added about $513 million amid Microsoft\u2019s slight stock increase.<\/p>\n
Though LVMH\u2019s stock is not traded in the U.S., shares increased more than 3% while adding about $2.9 billion to No. 9 CEO Bernard Arnault and his family\u2019s net worth, estimated at $150.9 billion, and No. 10 Berkshire Hathaway\u2019s Warren Buffett ($146 billion) became $64 million richer as the broker benefited from broader stock gains.<\/p>\n
What Did Powell Say In Jackson Hole?<\/p>\n
Powell\u2019s comments, which came Friday at the central bank\u2019s symposium in Jackson Hole, Wyoming, were widely read to suggest interest rate cuts were on their way. Powell said a stable unemployment rate and other economic readings allows the central bank to \u201cproceed carefully\u201d with changes to monetary policy, as the \u201cshifting balance of risks may warrant adjusting our policy stance.\u201d The labor market had improved and the U.S. economy showed “resilience,” Powell said, though he noted tariffs could \u201cspur a more lasting inflation dynamic\u201d that might be \u201ca risk to be assessed and managed.\u201d The expected cuts follow months of President Donald Trump haranguing Powell, demanding a larger rate cut.<\/p>\n
How Did Stocks React To Powell\u2019s Speech?<\/p>\n
The Dow Jones Industrial Average added more than 900 points to a fresh intraday record while the S&P 500 increased nearly 1.5% and Nasdaq jumped about 1.7%. A similar rally occurred after Powell signaled the \u201ctime has come\u201d for the Fed to lower interest rates in his Jackson Hole speech last year. Powell\u2019s comments forecasting a looser monetary policy struck a different chord than in 2022, during which Powell\u2019s then-hawkish speech pushed the S&P down by more than 3% and nearly 7% in the week after.<\/p>\n
How Do Lower Interest Rates Help The Economy?<\/p>\n
Interest rate cuts are favored by the Fed when needed to help stabilize inflation and stimulate economic growth. The federal funds rate, determined periodically by the Fed throughout the year, determines interest rates in transactions across banks and influences rates across all loans. Lower rates indicate borrowing costs like car loans, mortgages and student loans will get less expensive, leading to less cautious behavior by consumers. Businesses are more encouraged to expand with lower rates, including by hiring new workers. <\/p>\n
Further ReadingForbesPowell Signals Likely Interest Rate Cut In Jackson Hole Speech\u2014Igniting Stock Rally (Live Updates)By Ty Roush<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Topline A broader market rally, sparked by Federal Reserve Chair Jerome Powell\u2019s signaling possible interest rate cuts on…\n","protected":false},"author":2,"featured_media":103731,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[517,28,12,101,11,10950,11379,2938,1282,1281,4321,1019],"class_list":{"0":"post-103730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-apple","9":"tag-business","10":"tag-donald-trump","11":"tag-economy","12":"tag-elon-musk","13":"tag-jackson-hole","14":"tag-jensen-huang","15":"tag-jerome-powell","16":"tag-meta","17":"tag-microsoft","18":"tag-nvidia","19":"tag-tesla"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/103730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=103730"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/103730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/103731"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=103730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=103730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=103730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}