Dow Jones, S&P 500 rally to fresh record highs

US stock indices rose on Friday on track for weekly gains, with both Dow Jones and S&P 500 marking fresh record highs.

Earlier government data showed US personal spending rose 2.2% in August, slowing down from 2.5% in July.

The Federal Reserve cut interest rates by 50 basis points last week and is likely to cut them by the same amount at the November meeting according to the Fedwatch tool.

US President Joe Biden said the US economy grew by over 10% during his presidential term, with savings and consumer spending all scoring gains.

Biden also pointed to today’s data, which showed inflation has slowed down to 2.2%, which are levels comparable to before the Covid 19 pandemic.

On trading, Dow Jones rose 1% as of 15:38 GMT to 42597, while S&P 500 rose 0.1% to 5752 points. NASDAQ bucked the trend with a 0.2% dip to 18145.