NEW YORK — Wall Street is rallying on Friday after the head of the Federal Reserve indicated the cuts to interest rates that investors and President Donald Trump have been craving so much may be coming soon, though he gave no clear clue about when.

The S&P 500 jumped 1.4 percent and erased all of its loss for the week. That's following five straight modest losses after it set an all-time high last week.

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The Dow Jones Industrial Average soared 716 points, or 1.6 percent , and was on track to blow past its own all-time high, which was set in December. The Nasdaq composite was up 1.6 percent , as of 10:25 a.m. Eastern time.

The hope among investors had been that Jerome Powell would hint in his highly anticipated speech at a central bankers’ symposium in Jackson Hole

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