03:46 PM EDT, 08/23/2024 (MT Newswires) -- US benchmark equity indexes were on track to close higher Friday after Federal Reserve Chair Jerome Powell said the "time has come" for monetary policy easing.

The Nasdaq Composite was up 1.3% at 17,847.4, while the Dow Jones Industrial Average and the S&P 500 rose 1% each to 41,144 and 5,627.2, respectively. All sectors were higher, led by real estate and consumer discretionary.

"The time has come for policy to adjust," Powell said at the Kansas City Fed-sponsored economic symposium in Jackson Hole, Wyoming, adding that upside risks to inflation have "diminished."

"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," Powell said.

The US two-year yield fell 9.9 basis points to 3.91%, while the 10-year rate dropped 5.9 basis points to 3.80%.

West Texas Intermediate crude oil rose 2.6% to $74.88 a barrel.