US: S&P 500, Dow hit record high at open on hopes of rate cut

[NEW YORK] The S&P 500 and Dow indexes hit a record high at the open on Friday, after Federal Reserve Chairman Jerome Powell's dovish remarks this week boosted bets of an interest rate cut this month.

This marks the third time the S&P 500 has hit an all-time high this week, and traded above the 3,000 level.

The Dow Jones Industrial Average rose 51.41 points, or 0.19 per cent, at the open to 27,139.49.

The S&P 500 opened higher by 3.45 points, or 0.12 per cent, at 3,003.36. The Nasdaq Composite gained 13.16 points, or 0.16 per cent, to 8,209.20 at the opening bell.

REUTERS