Dow spikes more than 300 points | Fed Chair Powell's Jackson Hole speech in focus | Undervalued midcap stocks

Stocks rallied ahead of Powell's speech Friday morning.

VIEW IN BROWSER | SUBSCRIBE THU, AUG 25, 2022 EVENING BRIEF AS OF THU, AUG 25, 2022 • 05:10 ET DJIA 33291.78 +0.98% +322.55 S&P 500 4199.12 +1.41% +58.35 NASDAQ 12639.27 +1.67% +207.74 Most Active DOW NAME LAST CHG %CHG AAPL 170.03 +2.50 +1.49% MMM 142.76 +1.72 +1.22% INTC 34.89 +1.03 +3.04% S&P 500 NAME LAST CHG %CHG NVDA 179.13 +6.91 +4.01% AMD 97.18 +4.45 +4.80% F 15.93 +0.41 +2.64% NASDAQ NAME LAST CHG %CHG NVDA 179.13 +6.91 +4.01% AMD 97.18 +4.45 +4.80% TSLA 296.07 -1.03 -0.35% EDITOR'S NOTE Stocks extended their rally for a second day on Wall Street, with the Dow Jones Industrial Average jumping more than 300 points in the final hour of trading. Investors are anticipating Federal Reserve Chair Jerome Powell's Jackson Hole, Wyoming speech Friday morning.    On Thursday, St. Louis Fed President James Bullard said in an interview with CNBC's Steve Liesman that inflation may remain "higher for longer."    "I mean with an eight handle on CPI, I think we'd be happy now to get going in the right direction. There will be a debate at some point about how long do you want to linger above 2%, and what do you have to do to get it down and actually hit the target. And I think that's an important debate, but that's out there in the future," Bullard told Liesman at Jackson Hole.   ″[Right now], it's getting and moving in the right direction. Let's get it toward 2%," he said.   Meanwhile, Pimco's Tony Crescenzi said on CNBC's "Closing Bell" that the central bank will need to take a more aggressive stance on interest rate hikes if inflation is to go down.   SoFi's Liz Young said she doesn't expect any surprises out of Powell's Jackson Hole speech, such as a central bank pivot toward dovishness, or anything "materially different" from what was disclosed in the last release of Fed minutes.  Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow closes 300 points higher, extends rally to second day ahead of Powell's Jackson Hole speech Powell is not likely to tell investors what they want to hear in Jackson Hole speech Peloton shares plummet after company reports a big loss and declining revenue Parts of Trump search warrant affidavit to be unsealed Friday, judge orders Snowflake shares pop 23% following revenue beat What Wall Street analysts think of these stocks that CEOs are buying Biden condemns GOP criticism of student loan debt forgiveness Signs point to strong earnings growth ahead for these undervalued midcap stocks Rep. Marjorie Taylor Greene 'swatted' for second time in two days, police say Amazon strikes green hydrogen deal with fuel cell maker Plug Power, sending shares up TOP VIDEO You could deem this year's Jackson Hole summit 'Jackson Hype,' says PIMCO's Tony Crescenzi CNBC PRO IBM spinoff Kyndryl is now one of David Einhorn's biggest technology bets SPECIAL REPORTS Pell Grant recipients can get $20,000 in student loan forgiveness instead of $10,000. How to check if you qualify Are your student loans eligible for the White House forgiveness plan? What we know Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS