Major US stock markets closed higher on Friday after Federal Reserve Chair Jerome Powell suggested that interest rate cuts are likely ahead.
Powell's remarks at the Fed's annual Jackson Hole retreat in Wyoming signaled a shift towards easing monetary policy, though he did not specify the timing or scale of the cuts.
At the close, the Dow Jones gained 1.15% or 462 points, with Home Depot rising 2.84%. The Nasdaq 100 added 1.18%, Workday was leading the gains, improving by 12.48%. The S&P 500 rose 1.15%, as Builders FirstSource advanced by 8.80%.
On the currency front, the euro improved by 0.71% against the dollar at 3:58 pm ET, selling for $1.11912.
