Dow again sets new record on rate cut expectation

On the New York Stock Exchange, the Dow Jones Industrial average hit a new high during trading hours on Friday.

The stock index soared above 27,300 points in a broad-based rally, setting records for three days in a row.

The Dow ended Friday's trading at 27,332, up 243 points from the previous day.

Expectation has been mounting on Wall Street that the Federal Reserve Board will cut the key interest rates following the Fed Chairman's testimony at a House public hearing on Wednesday. Jerome Powell suggested rate cuts to prevent a slowdown of the US economy.

The Dow topped the 27,000 mark on Thursday for the first time ever on expectations of rate cuts later this month.

Investors apparently are snapping up shares in the belief that the Fed is almost certain to cut rates.