The tides are changing on Wall Street thanks to positive remarks from Fed Chair Jerome Powell.
The tides are changing on Wall Street. And that's all thanks to a closely watched market-moving figure, Jerome Powell. The Federal Reserve Chair on Friday pointed to rate cuts on the horizon during his keynote address at the central bank's annual retreat in Jackson Hole, Wyoming. "The time has come for policy to adjust," he said.
Markets took the news in stride , with areas that benefit in a rate-cutting environment taking a leg higher. The Nasdaq Composite outperformed the major indexes, rallying about 1% thanks to gains in popular AI and semiconductor names. Small caps also jumped, with the Russell 2000 surging 2.7%.
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