Wall Street cheered remarks from Federal Reserve Chair Jerome Powell in Jackson Hole opening the door to a rate cut in September.

The Dow Jones Industrial Average (DJI) has hit an intraday all-time high at more than 45,690 points. The record was previously reached on Tuesday with an intraday high of 45,207.39 points, before the index retreated to close flat.

The Dow Jones Industrial Average was on track for its first record close since December on Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, sparking a broad stock-market rally.

An early rally faded on Friday and the Dow just missed out on closing at its first record high of the year. US stocks were mixed on Friday. The Dow closed higher by 35 points, or 0.08%. Meanwhile, the S&P 500 fell 0.

The S&P 500 was 1.7% higher after Fed Chair Jerome Powell said in a speech at Jackson Hole that “with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

U.S. stocks were rallying midday Friday on Federal Reserve Chair Jerome Powell’s Jackson Hole speech, as traders seemed more optimistic that the Fed may cut interest rates next month. The Dow Jones Industrial Average was up almost 907 points,

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