A dovish speech by Fed Chair Jerome Powell at the Jackson Hole conference triggered a strong Friday rally across markets and helped Wall Street avoid a loss over the week. Before Powell’s speech reignited hopes for a rate cut in September,

The Dow logged its first record close of the year and bond yields fell after Federal Reserve Chair Jerome Powell struck an upbeat tone on a September interest-rate cut.

Investors have all eyes fixed on the Federal Reserve’s annual economic symposium in Jackson Hole, Wyo., as the Fed charts the future direction of the monetary policy in what could be a defining moment for the market’s summer story.