Dow Jones crosses 41,000 pts first time since mid-July

US indices maintained their uptrend for the second straight week, amid a decline in the two-year Treasury notes after the Federal Reserve's Chairman Jerome Powell hinted at the possibility of lowering interest rates.

The Dow Jones Industrial Average leapt1.15%, or 462points, to settle at 41,175points, its highest level since July 17 (41,198points).

The S&P 500 index jumped 1.15%, or 63 points, to 5,634 points. The Nasdaq Composite Index also soared 1.45%, or 258 points, to 17,877 points.

As for European markets, the STOXX Europe 600 rose0.45% to 518.1points.

The German DAX index added 0.75% to 18,633 points, and the French CAC 40 index gained 0.7% to 7,577 points.The British FTSE index was up 0.5% to 8,327 points.

The Nikkei index rose 0.4%, or 153 points, to 38,364 points, and the broader Topix index added 0.5% to 2,684 points.

Brent crude futures for October delivery rose 2.35%, or $1.8, to $79.02per barrel.

WTI crude for Octoberdelivery increased2.5%, or $1.82, at $74.83 per barrel.

Regarding gold, futures prices for Decemberdelivery were up 1.2%, or $29.6, to $2,546.30 per ounce.

“The time has come for policy to adjust,” Powell said in his keynote speech at the Fed’s annual economic conference in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”