Dow Jones Hits Record Weekly Close Nearing 46K Amid Market Rally

The Dow Jones Industrial Average surged to an all-time high, closing above 45,600 for the first time since December, driven by a broad rally across blue-chip stocks following Federal Reserve Chair Jerome Powell's indication of potential rate cuts in September. The Dow's gain of nearly 1.9% marked its largest single-day increase since May, while the index's weekly close neared a record 45,728, reflecting renewed investor optimism. Despite the strong performance in large caps, the NASDAQ remained under pressure for the week, declining slightly due to weakness in tech stocks, although it saw a notable rebound on Friday. Small-cap stocks, represented by the Russell 2000, showed significant strength, signaling wider market participation. Key sectors such as consumer discretionary, energy, financials, and industrials outperformed, with notable gains in semiconductor and software stocks, alongside a sharp rise in cryptocurrencies like Bitcoin and Ethereum. Overall, the market's positive reaction highlights investor confidence in potential monetary easing, boosting equities across various sectors except consumer staples, which lagged.