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

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

FILE PHOTO – Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 1, 2019. REUTERS/Brendan McDermid

(Reuters) – 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 .SPX has hit an all-time high this week, and traded above the 3,000 level.

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

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

Reporting by Amy Caren Daniel in Bengaluru; Editing by Maju Samuel