Stocks rose on Friday heading for a winning week as Federal Reserve Chairman Jerome Powell prepared the markets for the central bank to pull back on some of its monetary stimulus, saying it’s likely to start tapering its $120 billion in monthly bond purchases this year.

The Dow Jones Industrials leaped 242.68 points to finish the week at 35,455.80.

The S&P 500 gained 39.37 points to 4,509.37, hitting a new record.

The NASDAQ Composite popped 183.69 points, or 1.2%, to 15,129.50, also at a new all-time peak.

The three major stock averages closed the week in the green. The Dow finished up nearly 1%, while the S&P 500 added 1.5% and the NASDAQ gained 2.8%.

Energy stocks led the S&P, after being among the hardest hit on Thursday. Occidental Petroleum climbed nearly 7%, Cimarex Energy rose 6.5% and APA Corp rose 5.9%.

Automakers got a boost with Ford in “drive” 3%, and General Motors rising 2%.

Shares of Workday surged 9% after reporting strong currently earnings and subscription revenue that jumped 23% from last year, while Peloton shares dropped after the exercise equipment company’s fourth-quarter financial results missed Wall Street estimates. Peloton fell 8%.

Powell also said inflation is solidly around the central bank’s 2% target rate, one of the goals of the Fed’s dual mandate. It has “much ground to cover” to reach its other goal of maximum employment, however, though there has “been clear progress” toward it, Powell added.

The Fed has used the term “substantial further progress” as a benchmark for when it will start tightening policy. Based on statements from other Fed officials, a tapering announcement could come as soon as the Fed’s Sept. 21-22 meeting.

Prices for 10-Year Treasurys were higher, with yields fading to 1.30% from Thursday’s 1.35%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.30 to $68.72 U.S. a barrel.

Gold prices spiked $26.20 to $1,821.40 U.S. an ounce.