New York CNN —
Stocks rose Friday as Wall Street cheered a signal from Federal Reserve Chair Jerome Powell that long-awaited interest rate cuts are finally coming.
The Dow closed 462 points, or 1.1% higher, on Friday afternoon. The S&P 500 gained 1.2% and the Nasdaq Composite added 1.5%. All three major indexes ended the week higher.
Powell said Friday morning that “the time has come” to adjust policy, with rates currently perched at a 23-year high, at a key economic summit in Jackson Hole, Wyoming. He also noted that the labor market has cooled enough
→ Continue reading at CNN - Business News
