S&P 500 NEARS RECORD HIGH AS POWELL SIGNALS RATE CUT IMMINENT

All three major U.S. stock indexes gained more 1% on Friday, with the benchmark S&P 500 nearing an all-time high, after Federal Reserve Chair Jerome Powell said "the time has come" to reduce interest rates.

At a highly anticipated annual economic conference in Jackson Hole, Powell endorsed imminent policy easing citing risks in the job market and inflation coming within reach of the Fed's 2% target. Minutes from the Fed's July meeting had also showed a number of policymakers were ready to consider rate reductions come September.

Learn More