The Dow Jones Industrial Average notched its first record close of the year Friday, rising more than 800 points after Federal Reserve Chair Jerome Powell opened the door for the central bank to lower interest rates in September.

Stocks surged Friday and the Dow closed at its first record high of the year after Federal Reserve Chair Jerome Powell signaled interest rate cuts could be on the way.

In his Jackson Hole speech, Fed Chair Jerome Powell opened the door to more rate cuts, sending stocks surging. All three of the major indexes (^DJI, ^GSPC, ^IXIC) closed higher, with the Dow Jones Industrial Average adding 846 points and closing at a fresh record high.

A blistering cross-asset rally drove the Dow Jones Industrial Average to close at an all-time high for the first time since December as the staid blue-chip gauge finally caught up to the riskier corners of the stock market.

The hope among investors had been that Powell would hint that the Fed's first cut to interest rates of the year may be imminent.

Dow ETFs vary widely, giving investors choices between stability, income generation or leverage keyed to the index.

An early rally faded on Friday and the Dow just missed out on closing at its first record high of the year. US stocks were mixed on Friday. The Dow closed higher by 35 points, or 0.08%. Meanwhile, the S&P 500 fell 0.

U.S. stocks closed higher, with the Dow scoring a record high, after Fed Chair Powell suggested it was time to consider rate cuts again.

Away from tech, markets have been exceedingly serene of late, with the Dow industrials moving less than 0.1% in either direction for five straight sessions. According to Dow Jones Market Data, that's the longest such stretch since June 1994.