The Dow Jones soared to an all-time Friday on increased hopes of a rate cut at the September Federal Reserve meeting.

“Powell did what central bankers do best at Jackson Hole — he kept the door open,” said Nigel Green, chief executive of deVere Group.

The blue-chip index jumped 860 points, or 1.9%, to 45,647 on track to eclipse its record finish of 45,014.04 set on Dec. 4.

Future tied to Wall Street's main stock indexes inched higher on Friday in the run-up to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Economic Symposium, which would shed more lig...