Stocks gain after Fed's Powell hints rate cuts are coming

Stocks rose on Friday morning as Wall Street responded positively to Federal Reserve Chair Jerome Powell’s signal that interest rate cuts are imminent. The Dow climbed 0.6%, the S&P 500 gained 0.6%, and the Nasdaq Composite added 0.8%. Powell indicated during an economic summit in Jackson Hole, Wyoming that it is time to ease rates and that the central bank does not want further weakening in job market conditions. Investors are now questioning whether this will be a one-time rate cut or the start of a more substantial cutting cycle.