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 clinched a record high Friday for the first time this year hours after Federal Reserve Chair Jerome Powell hinted that the Fed may soon lower interest rates. The Dow climbed 846 points, or 1.89%, from Thursday’s close to an all-time high of 45,631.74.

The hope among investors had been that Powell would hint that the Fed's first cut to interest rates of the year may be imminent.

Fed Chair Jerome Powell seems ready to cut interest rates in the fall but will still rely on incoming economic data about inflation and employment.

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.

Wall Street ended higher on Friday with the Dow closing at a record high after investors welcomed Federal Reserve Chair Jerome Powell’s remarks at Jackson Hole.

Dow ETFs vary widely, giving investors choices between stability, income generation or leverage keyed to the index.

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,

Away from tech, markets have been exceedingly serene of late, with the Dow industrials moving less than 0.1% in either direction for five straight sessions. According to Dow Jones Market Data, that's the longest such stretch since June 1994.