US stocks closed gradually higher on Friday, erasing the previous session’s losses as officials hinted that the Federal Reserve could decide to pause interest rates in September.
The tech-heavy Nasdaq Composite Index erased some of its previous losses, rising 0.1%, after Apple shares plunged during the previous session. This decline came after China banned iPhone use among government officials and considered extending the ban to state-run companies. The S&P 500 edged up by 0.1% while the Dow Jones Industrial Average gained 0.2%.
Several Federal Reserve officials made comments suggesting that the central bank could hold rates constant, including New York President John Williams, stating that the US monetary policy is “in a good place”, however, the Fed would continue to monitor economic data in order to guide decision-making.