Stock market today: Dow rises 462 points as stocks rally after Powell says rate cuts are coming
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- US stocks surged as Fed chair Jerome Powell signaled imminent interest rate cuts.
- Powell confirmed the dovish pivot in his speech at the Jackson Hole Economic Symposium.
- "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data," Powell said.
US stocks rallied on Friday with the Dow Jones Industrial Average gaining more than 450 points after Federal Reserve Chairman Jerome Powell confirmed that interest rate cuts are near.
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