The Dow Jones index soars to an all-time Friday on increased hopes of a rate cut at the September Federal Reserve meeting.

Wall Street cheered remarks from Federal Reserve Chair Jerome Powell in Jackson Hole opening the door to a rate cut in September.

Stocks surged Friday and the Dow closed at its first record high of the year after Federal Reserve Chair Jerome Powell signaled interest rate cuts could be on the way.

A blistering cross-asset rally drove the Dow Jones Industrial Average to close at an all-time high for the first time since December as the staid blue-chip gauge finally caught up to the riskier corners of the stock market.

If the S&P 500 breaks below 6,200, that's a sign the stock market may be headed for a more serious decline, Bank of America said.

Stocks surged Friday as investors breathed a huge sigh of relief after Federal Reserve Chair Jerome Powell indicated that interest rates could be cut.

Oracle Corp. closed 9.39% below its 52-week high of $260.87, which the company reached on July 31st.

The hope among investors had been that Powell would hint that the Fed's first cut to interest rates of the year may be imminent.

S&P 500—currently near its all-time highs, with a recent closing benchmark at approximately 6,450—stands at a crossroads.

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