U.S. stocks extended their opening gains after Federal Reserve Chair Jerome Powell, speaking at the Jackson Hole Symposium on August 22, hinted at a possible rate cut in the coming months.
Dow Jones Industrial Average advanced 732 points, or 1.6%, in intraday trade, hitting another all-time high of 45,545.25. The S&P 500 rose 1.5% to a session high of 6,469, while the tech-heavy Nasdaq Composite gained nearly 1.4% to 21,400 points.
At the Fed’s annual conclave in Wyoming, Powell said in his tepid speech that while U.S. unemployment remains low, “with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
