AsianFin -- U.S. stocks rallied Friday, with the Dow Jones Industrial Average closing at an all-time high after Federal Reserve Chair Jerome Powell suggested interest-rate cuts may be on the horizon.

The Dow surged 846 points, or 1.9%, to finish at 45,631.74 — its first record close since December 4. The S&P 500 advanced 1.5%, its strongest session since May, while the Nasdaq Composite gained 1.9%, ending a five-day slide.

Investors closely watched Powell’s speech at the annual Jackson Hole central banking symposium, where he indicated that softening labor market conditions could prompt a shift in policy. “The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said.