DJIA up 345.53 points (Il Sole 24 Ore Radiocor) - New York, 23 Aug - US shares were trading broadly higher, accelerating after Federal Reserve chairman Jerome Powell indicated the time has arrived for the US central bank to begin lowering its interest rates.

"The time has come for policy to adjust. 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 at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming.

Powell said inflation had declined "significantly", adding the labor market was no longer overheated, and "conditions are now less tight than those that prevailed before the pandemic.' According to the CME's FedWatch tool, the market is currently discounting a 65.5% chance of a 25 basis point cut and a 34.5% chance of a 50 point cut.

On the data front, sales of new US homes in July rose 10.6% to a seasonally adjusted annual rate of 739,000 from June's revised rate of 668,000, topping expectations for sales of 624,000 units.

At 1738 GMT, the Dow Jones was up 345.53 points, or 0.85%, at 41,058.31 points.

The S&P 500 was 45.43 points, or 0.82%, higher at 5,616.09 points.

The Nasdaq was gaining 187.39 points, or 1.06%, at 17,806.75 points.

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(RADIOCOR) 23-08-24 19:43:05 (0493) 5 NNNN