US Stocks Surge as Powell Speech Boosts September Rate-Cut Bets
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergUS stocks soared on Friday, pushing the Dow Jones Industrial Average to its first closing record this year, after a speech by Federal Reserve Chair Jerome Powell led traders to boost wagers on an interest-rate cut as soon as next month.
The Dow Jones Industrial Average gained 1.9%, hitting its first record close since December. The S&P 500 Index climbed 1.5% as 10 of 11 sectors advanced. The tech-heavy Nasdaq 100 rose 1.5%.