S&P 500, Nasdaq Set for All-Time Closing Highs as Powell Sooths Taper Worries

People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, on March 19, 2021. Brendan McDermid/Reuters

NEW YORK—Wall Street advanced on Friday as Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Symposium calmed fears over the tapering timetable and sent investors into the weekend in a buying mood.

All three major U.S. stock indexes extended their gains after Powell’s statement was released, and put the S&P 500 and the Nasdaq on track to notch record closing highs.