Stocks Jumped at Open on Optimism Over Rate Cut

U.S. stocks jumped at open on Friday as Federal Reserve Chairman Jerome Powell’s testimony bolstered expectation for an interest-rate cut at the end of the month. The Dow Jones Industrial Average lately rose 122.36 points, or 0.45%, to 27,210.44. The S&P 500 gained 6.05 points, or 0.20%, to 3,005.96. The Nasdaq Composite advanced 23.88 points, or 0.29%, to 8,219.92.

Oil futures resumed their march higher Friday, as tensions persisted in the Middle East and investors kept tabs on a Gulf of Mexico storm. August West Texas Intermediate crude was up about 6 cents, or 0.1%, at $60.26 a barrel. September Brent rose 35 cents, or 0.5%, at $66.87 a barrel.

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