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Indexes up: Dow 0.24%, S&P 0.38%, Nasdaq 0.63%
(Updated at 10:22 am ET/1422 GMT)
By Amruta Khandekar and Shristi Achar A
Aug 25 (Reuters) - U.S. stocks extended gains on Friday after comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium were perceived to be less hawkish than expected.
The Fed may need to raise interest rates further to ensure inflation is contained, Powell said at the conference, which is also attended by other top global central bankers.
Powell's speech was keenly awaited after a spate of strong economic data, including a fall in last week's jobless claims, dampened hopes that the Fed could be close to the end of its rate-hike cycle.
"Powell's message is largely as expected, that is progress is being made in the fight against CPI but it is too soon to say the battle is won and the Fed is prepared to hike further if necessary," said Stuart Cole, chief macro economist at Equiti Capital in London.
"My hunch is that he is being seen as not as hawkish as had been feared."
Traders' bet that the Fed would pause its rate hikes in September ticked up to 86.5% from about 80% earlier, while the yield on the ten-year Treasury note edged lower.
At 10:22 a.m. ET, the Dow Jones Industrial Average was up 83.11 points, or 0.24%, at 34,182.53, the S&P 500 was up 16.79 points, or 0.38%, at 4,393.10, and the Nasdaq Composite was up 85.30 points, or 0.63%, at 13,549.27.
(Reporting by Amruta Khandekar and Shristi Achar A; additional reporting by Bansari Mayur Kamdar; Editing by Shinjini Ganguli)
