Dow notches record high as Wall Street cheers Powell’s speech

Wall Street’s main indexes ended higher today, with the blue-chip Dow hitting a record closing high, as investors piled into stocks after Federal Reserve Chair Jerome Powell hinted at a near-term interest-rate cut during his Jackson Hole Symposium speech.

His comments paved the way for a potential rate cut at the Fed’s September meeting, although Powell stressed the importance of jobs and inflation data due before then.

“Powell did what central bankers do best at Jackson Hole — he kept the door open,” said Nigel Green, chief executive of deVere Group. “A cut in September would reassure households and businesses that the central bank is not asleep at the wheel. Delaying only raises the odds of a harder landing.”

Traders boosted bets on a September rate cut after Powell’s comments, now pl