Wall Street hits historic milestones as S&P closes above 3000 points

US stocks jumped today, supported by a continuing positive market sentiment on prospects of near Federal Reserve interest rate cuts, as Wall Street hit unprecedented historical record highs.

In his semi-annual testimony before the House and Senate, Fed's chair Jerome Powell said that the US economy is facing pressures from the US-led trade disputes and the slowing growth in the global economy.

Markets interpreted the comments as that the Federal Reserve is close to cutting interest rates to support the economy, and since these hints, the US stocks reached record levels.

Government data showed that the US Producers Price index (PPI) rose by 0.1% last month.

On the oil market, West Texas rose by just one cent to close at $60.21 per barrel, hitting weekly gains of 4.7%, with the highest at $60.7 and the lowest at $59.9.

Brent rose by 0.3% to close at $66.72 per barrel, recording a weekly gain of 3.9%, while the day's highest at $67.2 and the lowest at $66.5.

At the close of the week's last session, Dow Jones Industrial Average rose by 0.9% (equivalent to 244 points) to 27,332 points, notching weekly gains of 1.5%, with a high of 27,333 points and a low of 27,135 points.

Nasdaq rose 0.6% (48 points) to 8,244 points, and recorded a weekly gain of 1%, reaching a high of 8,245 points and a low of 8,201 points.

Standard & Poor's rose by 0.4% (14 points) to 3,013 points, and hit weekly gains of 0.7%, with the highest level at 3,013 points and the lowest level at 3,001 points.