Wall Street cheered remarks from Federal Reserve Chair Jerome Powell in Jackson Hole opening the door to a rate cut in September.

The Dow Jones Industrial Average notched its first record close of the year Friday, rising more than 800 points after Federal Reserve Chair Jerome Powell opened the door for the central bank to lower interest rates in September.

A blistering cross-asset rally drove the Dow Jones Industrial Average to close at an all-time high for the first time since December as the staid blue-chip gauge finally caught up to the riskier corners of the stock market.

Fed Chair Jerome Powell sparks a stock-market rally Friday, with his Jackson Hole speech opening the door to an interest rate cut in September.

An early rally faded on Friday and the Dow just missed out on closing at its first record high of the year. US stocks were mixed on Friday. The Dow closed higher by 35 points, or 0.08%. Meanwhile, the S&P 500 fell 0.

A strong rally erupted on Friday on Wall Street shortly after Federal Reserve Chair Jerome Powell delivered a notably dovish message during his highly anticipated speech at Jackson Hole. IWM ETF is moving fast.

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