(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Indexes up: Dow 1.49%, S&P 500 1.36%, Nasdaq 1.67%

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Traders now see a near 90% chance of September rate cut

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S&P 500 set to snap five-day losing streak if gains hold

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Intuit falls after forecasting Q1 revenue growth below

estimates

(Updates after Powell's remarks)

By Shashwat Chauhan and Sanchayaita Roy

Aug 22 (Reuters) - Wall Street's main indexes climbed

more than 1% on Friday after U.S. Federal Reserve Chair Jerome

Powell pointed to a possible interest-rate cut at the central

bank's next policy meeting during his Jackson Hole Symposium

speech.

Powell's

comments

opened the door to a rate cut at the Fed's September 16-17

meeting, but also underlined the importance of the jobs and

inflation data that will be available by then.

"Chair Powell was able to talk about the balance of risk

shifting and therefore the potential... shifting of policy would

be appropriate," said Art Hogan, chief market strategist at B

Riley Wealth.

"Leaning into the fact that the labor market weakness is

clearly the driver, as opposed to concern over the core goods

price increases that we've seen because of tariffs... the clear

message to the market is September is now very live."

Traders

boosted bets

on a September rate cut after Powell's comments, now

placing a nearly 90% probability on a reduction, versus about

75% before Powell's remarks.

At 10:19 a.m. ET, the Dow Jones Industrial Average

rose 667.07 points, or 1.49%, to 45,452.57, hitting an all-time

high.

The S&P 500 gained 86.80 points, or 1.36%, to

6,456.97, and the Nasdaq Composite advanced 352.99

points, or 1.67%, to 21,453.31.

All 11 S&P 500 sub-sectors traded higher, with

rate-sensitive real estate jumping 1.8%, while

consumer discretionary climbed almost 2%.

An index tracking chip stocks gained 3.7%, while

most megacap growth stocks also jumped. Tesla led gains

with a 5.2% rise.

If current gains hold, the S&P 500 is set to snap a five-day

losing streak after a broad selloff in heavyweight technology

stocks kept U.S. equities pressured this week.

The Dow and the S&P 500 are on track for mild weekly gains,

while the Nasdaq is set for marginal weekly declines.

U.S. stocks have rebounded sharply from their April lows -

when markets were rattled by President Donald Trump's trade

tariff announcements - and have been getting back up to record

highs recently.

A spate of resilient earnings, optimism around trade

deals between the U.S. and its trade partners and growing

chances of interest-rate cuts have been some of the main gain

drivers.

Earlier in the day, UBS Global Wealth Management lifted

its year-end target for the S&P 500 for the second time in two

months, betting on corporate earnings strength, easing trade

tensions and expectations of interest-rate cuts.

Among other top movers, Intuit dropped 6.2% after

the TurboTax-maker forecast first-quarter revenue growth below

analysts' estimates due to sluggish performance at its Mailchimp

marketing platform.

Workday shed 4.4% after the human resources

software provider provided an in-line outlook for the current

quarter.

Advancing issues outnumbered decliners by a 12.14-to-1 ratio

on the NYSE and by a 6.3-to-1 ratio on the Nasdaq.

The S&P 500 posted 21 new 52-week highs and no new lows,

while the Nasdaq Composite recorded 101 new highs and 30 new

lows.