TORONTO — Canada's main stock index gained more than 270 points on Friday as the federal government announced it would remove some of its retaliatory tariffs on U.S. goods, lifting hopes for a trade deal, while U.S. markets reached record high territory.

The move on Wall Street came as U.S. Federal Reserve chair Jerome Powell cracked open the door to lowering interest rates in the coming months in a speech in Jackson Hole, Wyo.

Anish Chopra, managing director with Portfolio Management Corp., said Powell’s speech at the Jackson Hole symposium took center stage during Friday’s trading session.

“Today's market moves are really a reaction to what U.S. Federal Reserve chair Jerome Powell effectively indicated about interest rates at his speech earlier today in Jackson Hole, and basically he'

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