(Reuters) – U.S. stock indexes extended gains on Friday after Federal Reserve Chair Jerome Powell pointed to a possible rate cut at the central bank’s next policy meeting in his remarks at the Jackson Hole Symposium.
Powell hinted at a possible rate cut at the central bank’s September meeting, but stopped short of committing to cutting interest rates in remarks that walked a narrow line acknowledging growing risks to the job market, while also saying risks of higher inflation remained.
At 10:02 a.m. ET, the Dow Jones Industrial Average rose 670.39 points, or 1.50%, to 45,455.89, the S&P 500 gained 79.25 points, or 1.24%, to 6,449.42, and the Nasdaq Composite gained 261.21 points, or 1.24%, to 21,361.52.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Pooja Desai)