Jerome Powell Speech Sends Dow Soaring Nearly 900 Points On Surging Rate Cut Hopes

At the time of writing, Dow Jones was up 2%, while the S&P 500 gained 1.6%, and the Nasdaq rose around 2%.

Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole summit sent the Dow Jones Industrial Average soaring to a record high in Friday morning’s trade as rising rate cut hopes buoyed investor sentiment.

At the time of writing, Dow Jones was up 2% or nearly 900 points, while the S&P 500 gained 1.6%, and the Nasdaq rose around 2%.

The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.6%, while the Invesco QQQ Trust (QQQ) surged 1.72%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

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