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7/12, 10:03 PM (Source: TeleTrader)
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US stocks close at record highs on rate cut optimism

Indexes on Wall Street finished the week on Friday at levels never reached before as sentiment continued to be fueled by expectations that the United States Federal Reserve would lower borrowing costs this month. The last kick higher was provided by Facebook Inc., which surged 1.81% to $204.87 per share, the highest mark since privacy breach issues struck almost one year ago and took it off its own all-time high.

Of note, President Donald Trump nudged Congress to adopt the free-trade deal with Mexico and Canada. Sentiment was helped by statistics on producer prices as the serious weakening in input costs was interpreted as a factor in favor of an interest rate cut.

The Dow Jones Industrial Average rallied 0.9% to 27,332.03 points after touching 27,333.79 for the first time, led by Dow Inc.'s 4.04% jump. The Nasdaq 100 closed 0.59% up at 7,943.241 compared to the intraday record of 7,944.076 points. The S&P 500 rose 0.46% to 3,013.77 points or just 0.15 below the peak. J.B. Hunt was the best component in both benchmarks, spiking 5.9%.

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