US stocks surged on Friday after Federal Reserve Chair Jerome Powell hinted at a possible rate cut in September during his speech at Jackson Hole. The Dow Jones rose 1.9%, setting a new record, while the S&P 500 and Nasdaq also climbed. Powell’s remarks shook up rate-cut bets, with traders now pricing in a 91.5% chance of a cut. Treasury yields fell after Powell’s speech, and cryptocurrencies, like Ethereum, saw gains. President Trump intensified pressure on the Fed, calling for the resignation of a governor. Intel’s stock rose 5% after Trump announced the government would take a 10% stake in the company. Earnings reports from Zoom, Ross Stores, and others also influenced market movements.

Read more at Yahoo Finance: Dow jumps 800 points to record, S&P 500, Nasdaq soar as Powell’s Jackson Hole finale fuels bets on September rate cut