NEW YORK — Wall Street rallied to its best day in months on Friday after the head of the Federal Reserve hinted that cuts to interest rates may be on the way , along with the kick they can give the economy and investment prices.

The S&P 500 leaped 1.5% for its first gain in six days and finished just shy of its all-time high set last week.

The Dow Jones Industrial Average soared 846 points, or 1.9%, to its own record after topping its prior high from December. The Nasdaq composite jumped 1.9%.

“Ka-Powell” is how Brian Jacobsen, chief economist at Annex Wealth Management, described the reaction to Jerome Powell’s highly anticipated speech in Jackson Hole, Wyoming. “The Fed isn’t going to be the party-pooper.”

The hope among investors had been that Powell would hint that the Fed’s

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