NEW YORK (AP) — Wall Street rallied after the head of the Federal Reserve hinted cuts to interest rates may be coming. The Dow Jones Industrial Average soared 846 points Friday, reaching another record. The S&P 500 jumped 1.5%, landing just below the all-time high it set last week. The Nasdaq composite climbed 1.9%. Treasury yields sank in the bond market after Jerome Powell indicated the next move for the Fed may be a cut. Wall Street loves lower rates because they can give a boost to the economy and to investment prices, even if they risk worsening inflation.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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