The market likes what Fed chairman Jerome Powell served up at Jackson Hole.

In his widely watched speech on Friday, Powell said the U.S. economy wasn't over-heating and gradual interest rate hikes would continue to be appropriate. Powell also tossed President Trump a bone by suggesting the Fed is worried about moving too quickly to raise rates and stomping out the recovery.

Trump has criticized Powell and the Fed for steadily raising interest rates. The Dow Jones Industrial Average spiked more than 120 points following Powell's speech.

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