Stocks rose on Friday after Federal Reserve Chair Jerome Powell signaled a rate cut could be coming, during a speech at policy symposium in Jackson Hole, Wyoming.

The Dow Jones Industrial Average climbed 936 points, or 2.1%, as of 11:56 a.m. EST on Friday, while the S&P 500 gained 102 points, or 1.6%. The tech-heavy Nasdaq Composite was up 1.9%.

In a sigh-inducing sign of relief for investors, Fed Chair Powell said in his speech Friday that current risk conditions "may warrant adjusting our policy stance." The central bank would continue to "proceed carefully" he said.

"Our policy rate is now 100 basis points closer to neutral than it was a year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our po

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