The Dow Jones index soared 950 points to an all-time high at midday, sparked by Powell's speech triggering a comprehensive market rally.

US stocks continued to rise on Friday afternoon, with the Dow soaring 950 points to set a new intraday high. Federal Reserve Chairman Jerome Powell hinted at a possible rate cut in his highly anticipated speech at the Jackson Hole. Currently, the Dow is up 954.91 points, or 2.13%, at 45740.41 points; the Nasdaq is up 384.27 points, or 1.82%, at 21484.59 points; and the S&P 500 is up 102.13 points, or 1.60%, at 6472.30 points. In early trading on Friday, the Dow reached a high of 45748.82 points, setting another intraday record.