The S&P 500 Index ($SPX) (SPY) Friday closed up +1.15%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.18%.
US stocks rallied Friday, with the Dow Jones Industrials posting a 3-week high. Comments from Fed Chair Powell Friday knocked bond yields lower and pushed stocks higher. Powell reinforced expectations that the Fed will cut interest rates at the Sep 17-18 FOMC meeting when he said cooling in the labor market conditions is "unmistakable," and his confidence has grown that inflation is on the path to 2%. Therefore, "the time has come for policy to adjust."
