US stocks surged after Fed Chair Jerome Powell hinted at a 25-basis-point rate cut in September, sparking gains of nearly 2% for all three benchmark indexes. The Dow soared 972 points at intraday highs, reaching record levels. Investors welcomed Powell’s dovish stance, with the 10-year US Treasury yield dropping to 4.26%. The likelihood of a rate cut in September shot up to over 87% post-speech, as Powell highlighted concerns about a cooling labor market and rising downside risks to employment and upside risks to inflation.

Read more at Yahoo Finance: Jerome Powell just told investors exactly what they wanted to hear at Jackson Hole