The Dow Jones Industrial Average closed at a record high again Friday — its fourth numbers-breaking performance over the week — after a positive inflation report from the Commerce Department.
The Dow closed up 0.6% after a brief afternoon slump to hit 41,563.08 points. The S&P 500 and Nasdaq jumped more than 1% Friday. Both Tesla and Amazon notably surged, with both gaining 3%.
The Dow already broke an earlier record on Thursday when it hit 41,335.05.
The latest upswing followed the Commerce Department's report of a 0.2% jump in prices to 2.5%. That's the same inflation rate from the same period last year, and only a 0.1% increase from the previous month.
U.S. consumer spending solidly increased in July, indicating the economy remained strong as prices rose moderately.
The stock performance increased expectations of a potential interest rate cut from the Fed next month, which would be its first cut in more than four years, notes the Associated Press.
"Investors are seeing another sign of being in a soft landing," Cameron Dawson, chief investment officer at Newedge Wealth, told Reuters. "It's another one of those Goldilocks kind of reports really threading a needle right down the center. The market is really getting exactly what it wanted."
Continuing upbeat news will likely impact the presidential election by denying Republican contender Donald Trump a faltering economy to use as a cudgel against Democratic rival Kamala Harris.
