New york: The New York Stock Exchange ended Friday on a high note after Fed Chair Jerome Powell cautiously signaled a possible rate cut at a September meeting. According to Anadolu Agency, the Dow rose 1.89%, or 846.24 points, to close at 45,631.74. The Nasdaq soared 1.88%, or 396.2 points, to close at 21,496.53. The S and P 500 added 1.52%, or 96.74 points, to 6,466.91. In addition, the Volatility Index (VIX), also known as the 'fear index,' dropped 14.34% to 14.22. Powell opened the door to interest rate cuts at the Jackson Hole Economic Policy Symposium, mentioning that with policy in restrictive territory, the baseline outlook and shifting balance of risks may warrant adjusting the policy stance. He noted short-term risks to inflation are tilted to the upside, while employment risks are tilted to the downside. Reiterating that monetary policy is not on a predetermined path, Powell emphasized that Federal Open Market Committee (FOMC) members will make decisions based solely on data and their effect on t he economic outlook and risk balance. Following the remarks, pricing in the money markets showed expectations of a 25-basis point rate cut at the Fed's Sept. 16-17 meeting had strengthened. While other statements by Fed officials were also monitored, Cleveland Fed President Beth Hammack expressed hesitance to lower rates as long as the threat of inflation persisted. She emphasized the need to maintain a modestly restrictive policy stance to control inflation, which has been above target for four years. Boston Fed President Susan Collins also noted that the next step for the meeting has not yet been finalized, but the current policy is considered moderately restrictive, appropriate for a period of elevated inflation. Additionally, shares of Intel rose 5.5% after US President Donald Trump announced that the company had agreed to give the government a 10% stake.