NEW YORK (AP) — Wall Street is rallying on Friday toward its best day in months after the head of the Federal Reserve hinted the cuts to interest rates that investors and President Donald Trump crave so much may be on the way .

The S&P 500 leaped 1.5%, and its first gain in six days has it hovering around its all-time high set last week.

The Dow Jones Industrial Average soared 836 points, or 1.9%, and was above its last all-time high, which was set in December. The Nasdaq composite was up 2%, as of 2:41 p.m. Eastern time.

“Ka-Powell” is how Brian Jacobsen, chief economist at Annex Wealth Management, described the reaction to Jerome Powell's highly anticipated speech in Jackson Hole, Wyoming. “The Fed isn’t going to be the party-pooper.”

The hope among investors had been that Powe

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