Wall Street's main indexes ended higher on Friday, with the blue-chip Dow hitting a record closing high, as investors piled into stocks after U.S. Federal Reserve Chair Jerome Powell hinted at a near-term interest-rate cut during his Jackson Hole Symposium speech.

Wall Street traders were waiting for a signal from Jerome Powell to keep a rally going, and they got it when the Fed chair struck a dovish tone during his speech in Jackson Hole. This led to a surge in stocks and bonds,