The stock market was upbeat on Friday as investors digest Federal Reserve Chair Jerome Powell's speech at Jackson Hole. S&P 500 (SP500) +1.3%, the Dow (DJI) +1.5%, and the Nasdaq Composite (COMP:IND) +1.

The U.S. stock market closed sharply higher Friday, as investors cheered the potential for interest rate cuts following Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium.

Fed Chair Powell sparked a big rally as he signaled the central bank could cut rates in September in his remarks at the Jackson Hole policy symposium.