Wall Street rallies and the Dow soars 700 points on hopes for lower interest rates

Wall Street rallies and the Dow soars 700 points on hopes for lower interest rates Updated 2 mins ago Wall Street is rallying after the head of the Federal Reserve indicated cuts to interest rates may be coming, though he gave no clear clue about when. The S&P 500 jumped 1.4% Friday and erased all of its loss for the week. It’s coming off its fifth straight modest loss after setting an all-time high last week. The Dow Jones Industrial Average jumped 716 points toward its own record, and the Nasdaq composite climbed 1.6%. Treasury yields sank after Jerome Powell indicated the next move for the Federal Reserve may be a cut, even if concerns about inflation remain.