Stocks rose Friday after Federal Reserve Chair Jerome Powell indicated interest rate cuts were on the horizon.
The Dow Jones Industrial index bounced 462.30 points, or 1.1%, to end Friday’s session and the week at 41.175.08
The S&P 500 index regained 63.97 points, or 1.2%, to 5,634.61.
The NASDAQ leaped 258.44 points, or 1.5%, to 17,877.79.
Technology stocks rallied with particular strength as investors grew hopeful that a lower-rate environment would benefit this group. Notably, Tesla climbed more than 4% and Nvidia jumped more than 3%.
With Friday’s gains, the three major averages achieved a winning week despite some choppiness. The S&P 500 and NASDAQ each added around 1.2%, while the Dow rose 1%.
Stocks took a leg up after Powell signaled decreases to interest rates ahead during his speech in Jackson Hole, Wyoming. But Powell did not provide specific information on when or how big any cuts to the borrowing cost would be.
Prices for the 10-year Treasury jumped, lowering yields to 3.80% from Thursday’s 3.87%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.89 at $74.90 U.S. a barrel.
Gold prices tacked on $30.00 to $2,546.70.
