Powell pumps up Wall Street, Dow Jones jumps 462 points
NEW YORK, New York - U.S. stocks jumped and the dollar dived on Friday as Federal Reserve Chair Jerome Powell signalled rate cuts lie ahead.
"The time has come for policy to adjust," Powell told the Economic Symposium at Jackson Hole, Wyoming on Friday. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," he said.