The stock market surged on Friday as rumors swirled about Federal Reserve Chair Jerome Powell cutting interest rates. The Dow Jones Industrial Average rose 846 points to a new record, the S&P 500 jumped 1.

The hope among investors had been that Powell would hint that the Fed’s first cut to interest rates of the year 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.