The Dow Jones soared 950 points at midday, reaching a historic high as Powell's speech triggered a broad market rally

U.S. stocks continued to rise on Friday afternoon, with the Dow Jones Industrial Average soaring 950 points to reach a new intraday high. Federal Reserve Chairman Jerome Powell hinted at potential interest rate cuts in his highly anticipated speech at Jackson Hole. Currently, the Dow is up 954.91 points, an increase of 2.13%, at 45,740.41 points; the Nasdaq is up 384.27 points, an increase of 1.82%, at 21,484.59 points; the S&P 500 is up 102.13 points, an increase of 1.60%, at 6,472.30 points. On Friday morning, the Dow reached a peak of 45,748.82 points, setting a new intraday high