Wall Street Hits New Highs Amid Economic Optimism

Wall Street stocks saw gains with the Dow achieving a second consecutive all-time high. Strong performances were noted from Tesla and Amazon, bolstered by positive U.S. economic data suggesting an imminent Fed rate cut. This economic stability has been described as a 'Goldilocks' situation, fostering investor confidence.

Wall Street stocks rallied on Friday, with the Dow Jones Industrial Average hitting its second consecutive all-time closing high. Tesla and Amazon saw significant gains after fresh economic data boosted expectations for a moderate interest rate cut by the Federal Reserve in September.

July's solid U.S. consumer spending data suggested robust economic strength, with prices rising only moderately. Cameron Dawson, Chief Investment Officer at Newedge Wealth, termed the current economic state a 'Goldilocks' scenario, featuring steady growth without excessive inflation.

Driven by a surge in tech stocks, including a nearly 4% rise in Broadcom and a 9% jump in Marvell Technology, the S&P 500 closed up 1.01% at 5,648.40 points. Overall, all 11 S&P 500 sectors advanced, with consumer discretionary and industrials leading the gains.

(With inputs from agencies.)