BREAKING: All 3 major U.S. indices closed at record highs today, capping off a strong week after Fed Chair testimony signaled rate cuts are likely coming. The Dow jumped 0.9% as the S&P rose 0.46%. Transports and industrials outperformed.
Volume was light on Wall Street, however, with just over 30 million shares of the SPDR S&P 500 ETF changing hands, the lowest amount of the year.
The major indexes posted solid weekly gains. The Dow and S&P 500 rose 1.5% and 0.8%, respectively. The Nasdaq, meanwhile, ended the week up 1%. Investors have been piling into stocks in recent weeks amid expectations that the Fed will cut interest rates later this month. Market expectations for lower rates currently sit at 100%, according to the CME Group's FedWatch tool. Traders are also pricing in a 20% chance of the Fed cutting by 50 basis points.
"The Fed is on a one-way street headed to a cut," said Art Hogan, chief market strategist at chief market strategist at National Securities. "The market is clearly in 'don't-fight-the-Fed' mode."
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