Stock Market Today: Dow jumps more than 400 points after Powell says ‘time has come’ for rate cuts

The U.S. stock market was posting gains midday, with all three major indexes rallying after Federal Reserve Chair Jerome Powell indicated Friday in his Jackson Hole speech that the Fed was on path to start cutting interest rates.

The Dow Jones Industrial Average was up almost 326 points, or 0.8%, at nearly 41,039.

The S&P 500 gained almost 42 points, or 0.8%, to around 5,613.

The Nasdaq Composite climbed 186 points, or 1.1%, to almost 17,806.

For the week, the Dow was on pace to climb 0.9%, the S&P 500 was on track to gain 1.1% and the technology-heavy Nasdaq was on course to rise 1%, according to FactSet data based on midday trading Friday.