The stock market surged on Friday as rumors swirled about Federal Reserve Chair Jerome Powell cutting interest rates.

The Dow Jones Industrial Average rose 846 points to a new record, the S&P 500 jumped 1.5%, and the Nasdaq composite rose 1.9%.

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Poor job numbers this month added fuel to the speculation that Powell could cut rates for the first time in months. President Donald Trump has often angrily prodded Powell to do so and threatened his job.

Powell said on Friday that he’s seen risks rise for the job market, but tried to encourage investors to have hope anyw

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