Wall Street Soars: Tesla and Amazon Spearhead Market Rally amid Fed Rate Cut Speculations

Wall Street enjoyed a bullish run with the Dow closing at a record high, driven by gains in Tesla and Amazon. Positive U.S. economic data has fueled speculation of a Federal Reserve rate cut in September. The S&P 500 and Nasdaq also saw significant advances, with several stocks reaching new highs.

Wall Street stocks climbed on Friday, with the Dow Jones Industrial Average reaching a new all-time closing high for the second consecutive day. Gains in Tesla and Amazon were buoyed by promising U.S. economic data, leading to increased expectations that the Federal Reserve will implement a modest interest rate cut in September.

Consumer spending in the U.S. displayed solid growth in July, indicating a robust economy alongside moderate price increases. Cameron Dawson, Chief Investment Officer at Newedge Wealth, noted, "Investors are seeing another sign of being in a soft landing... The market is really getting exactly what it wanted."

Significant stock movements included Amazon and Tesla, which surged over 3%, Broadcom which jumped nearly 4%, and Marvell Technology, which soared 9%. The S&P 500 concluded the day up 1.01% at 5,648.40 points, while the Nasdaq Composite Index rose 1.13% to 17,713.62 points, and the Dow climbed 0.55% to 41,563.08 points.

(With inputs from agencies.)