The Dow Jones Industrial Average clinched a record high Friday for the first time this year hours after Federal Reserve Chair Jerome Powell hinted that the Fed may soon lower interest rates. The Dow climbed 846 points,

Minutes after the speech, investors pegged the chances of a quarter-point interest rate cut at 91%, up from a 75% chance assessed one day earlier, according to CME FedWatch Tool, a measure of market sentiment. Despite the market's positive reaction to Powell's speech, the Fed chair voiced a note of caution for the outlook for the U.S. economy.

Wall Street rallied Friday after Federal Reserve Chair Jerome Powell signaled the possibility of lowering a key interest rate in the coming months. Investors cheered the prospect of a rate cut as soon as the Fed's upcoming meeting on September 16-17.