Fed Chair Jerome Powell's Jackson Hole Symposium speech drove markets higher Friday, an overdue reprieve following a rocky week. Though Powell's remarks were vague, they did point toward the Fed being open to rate cuts in September. Meanwhile, Canada dropped a large portion of its retaliatory tariffs against the U.S. this afternoon.

Today's surge pushed the Dow to a fresh record close and back in the black for the week, while the S&P 500 eked out a weekly win and snapped its five-day losing streak. The Nasdaq wasn't so lucky, settling lower for its five-day performance, though it did sneak in an impressive triple digit pop for the session.

OIL, GOLD MARK WEEKLY RISES

With Ukraine peace talks still underway, oil prices remained stagnant for the session but logged a win for the week. September-dated West Texas Intermediate (WTI) added 10 cents to settle at $63.62 per barrel for the day and up 1% for the week.

Gold inched its way higher as precious metal traders digested Powell's speech. December-dated gold added 1.1%, to close at $3,418.50 per ounce for the day and up 1.1% on the week.

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