The S&P 500 was lifted 0.8%, looking at a record-high close. The Nasdaq composite gained 0.9%, after hitting a new intraday on the stock market today. Small caps on the Russell 2000 fared better than the major indexes and powered up 1.6%.

The Dow Jones Industrial Average was on track for its first record close since December on Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, sparking a broad stock-market rally.

The stock market surged on Friday as rumors swirled about Federal Reserve Chair Jerome Powell cutting interest rates. The Dow Jones Industrial Average rose 846 points to a new record, the S&P 500 jumped 1.