US stocks extend gains after Powell opens door to interest-rate cuts

(Reuters) - U.S. stock indexes extended gains on Friday after Federal Reserve Chair Jerome Powell pointed to a possible rate cut at the central bank's next policy meeting in his remarks at the Jackson Hole Symposium.

Powell hinted at a possible rate cut at the central bank's September meeting, but stopped short of committing to cutting interest rates in remarks that walked a narrow line acknowledging growing risks to the job market, while also saying risks of higher inflation remained.

At 10:02 a.m. ET, the Dow Jones Industrial Average rose 670.39 points, or 1.50%, to 45,455.89, the S&P 500 gained 79.25 points, or 1.24%, to 6,449.42, and the Nasdaq Composite gained 261.21 points, or 1.24%, to 21,361.52.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Pooja Desai)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Boeing awarded contract with ceiling value of $131.2 billion for F-15 program
• Fentanyl, a Reagan ad and a near deal: Trump's trade war with Canada 
• US removes Syria from terrorism sponsor list, lifting major investment obstacle