Stocks soared on Friday after Federal Reserve Chair Jerome Powell signaled the central bank may be ready to resume cutting interest rates at its next policy meeting in September.

The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

U.S. stocks are ticking higher ahead of a highly anticipated speech about where interest rates may be heading.

Federal Reserve Chair Jerome Powell delivers a high-profile address at the annual Jackson Hole Economic Policy Symposium.

Federal Reserve Chair Jerome Powell didn't "promise" to cut interest rates in September and may not adjust rates if there are dramatic surprises in the data in the coming weeks, said former Boston Fed President Eric Rosengren.

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