Stocks climbed on Friday as Federal Reserve Chair Jerome Powell said the "time has come" to begin cutting interest rates, offering the clearest signal yet that the central bank is prepared to begin an easing cycle, with major implications for the economy. The S&P 500 rose 1%, while the Dow Jones Industrial Average added 0.7%. The tech-heavy Nasdaq Composite led gains, up roughly 1.5%, as all three gauges eyed a comeback from Thursday's closing losses.
Speaking at the Kansas City Fed's annual economic symposium in Jackson Hole, Powell said: "The time has come for policy to adjust." "The direction of travel is clear," Powell added, "and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." Slowing economic data has convinced the market to position for the Fed to lower rates in September, with opinion divided on the depth of the cut.
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