The S&P 500 jumped 1.4% and erased all of its loss for the week. That’s following five straight modest losses after it set an all-time high last week.

The Dow Jones Industrial Average soared 716 points, or 1.6%, and was on track to blow past its own all-time high, which was set in December. The Nasdaq composite was up 1.6%, as of 10:25 a.m. Eastern time.

The hope among investors had been that Jerome Powell would hint in his highly anticipated speech at a central bankers’ symposium in Jackson Hole, Wyoming, that cuts to interest rates may be imminent. Wall Street loves lower rates because they can give a boost to the economy and to investment prices, even if they risk worsening inflation at the same time.

Trump has angrily been calling for lower rates, often insulting Powell while doing so. And a surprisingly weak report on job growth this month pushed many on Wall Street to assume cuts may come as soon as the Fed’s next meeting in September.

Powell did say Friday that risks are rising about a weakening job market, but he also did not not commit to any kind of timing. The Fed’s two jobs are to keep the job market healthy and to keep a lid on inflation, and it often has to prioritize one because it has just one tool to fix either. Helping one one by moving interest rates often means hurting the other.

Powell said the job market looks OK at the moment, even if “it is a curious kind of balance” where fewer new workers are chasing after fewer new jobs. Inflation, meanwhile, still has the potential to push higher because of Trump’s tariffs.

In sum, Powell said that “the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.”

Treasury yields tumbled in the bond market after the release of the text of Powell’s speech.

The yield on the 10-year Treasury fell to 4.26% from 4.33% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do with its main interest rate, sank to 3.69% from 3.79%. That’s a notable move for the bond market.

On Wall Street, Ross Stores rose 0.8% after the retailer reported a stronger profit for its latest quarter than analysts expected. CEO Jim Conroy said sales trends picked up at the end of the quarter in July following a lull in June.

Shares of Nio, a Chinese electric-vehicle maker, that trade in the United States climbed 12.4% after it began pre-sales of its flagship premium SUV model, the ES8.

Nvidia rose 0.8% to trim its loss for the week. The company, whose chips are powering much of the world’s move in to artificial-intelligence technology, has seen its stock struggle recently amid criticism that it and other AI superstars shot too high, too fast and became too expensive.

Nvidia’s CEO, Jensen Huang, said Friday that the company is discussing a potential new computer chip designed for China with the Trump administration. The chips are graphics processing units, or GPUs, a type of device used to build and update a range of AI systems. But they are less powerful than Nvidia’s top semiconductors today, which cannot be sold to China due to U.S. national security restrictions.

In stock markets abroad, Germany’s DAX returned 0.4% after government data showed that its economy shrank by 0.3% in the second quarter compared with the previous three-month period.

Indexes rose across much of Asia, with stocks climbing 1.4% in Shanghai and 0.9% in South Korea.

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AP Writers Teresa Cerojano and Matt Ott contributed.