The Dow Jones Industrial Average hit a record high on Friday, climbing 846.24 points (1.89%) to 45,631.74, following Federal Reserve Chair Jerome Powell's suggestion of potential monetary policy easing next month. The S&P 500 and Nasdaq also saw significant gains. Megacap tech stocks surged, with Tesla rising about 6%. Market expectations for a September rate cut increased to approximately 83%. This rally reversed much of the week's earlier losses, despite a generally weaker market earlier in the week.

Prepared by Christopher Adams and reviewed by editorial team.