US stocks close higher on Powell but no fresh records yet- check out the Dow Jones futures

On Friday the unequivocal message from the Fed boss, Jerome Powell sank the Dollar and pushed US stocks higher. Powell endorsed much of what had been said earlier last week by several of his voting colleagues and he made it abundantly clear a Fed rate cut is coming next month. The odds of that would seen to be nigh on 100% following what Powell said from the Jackson Hole symposium on Friday. So, the US stock markets all jumped higher and that saw the Dow Jones rise to its highest level, since peaking at a record high at 41,376 on July 18. The high seen on Friday was set at 41,207. The index later closed 462 points higher, at 41,175. So, pretty close in points terms to a new record, but not quite there. That said, was the confirmation of a September rate cut really such a surprise? Furthermore, could it not be argued; that this was all priced-in anyway? Well, arguably yes it could be, given the gains in US stocks over the past 2 weeks. Overnight the Dow Jones futures have backed away from an earlier implied opening above 41,225. They are currently pricing that around 41,160