Wall Street breaks records

Wall Street breaks records as three major indexes post record closing highs on Friday in response to expectations of an interest-rate cut from the Federal Reserve.

In a two-day testimony before Congress, Federal Reserve Chairman Jerome Powell said the U.S. economy is still under threat from disappointing factory activity, tame inflation and a continuing trade war.

With expectations for rate cuts in place, the focus is turning to the corporate earnings season as large U.S. banks, including Citigroup Inc (C.N) and JPMorgan Chase & Co (JPM.N), are set to report next week.

Analysts estimate that S&P 500 companies will report a 0.4% dip in second-quarter earnings, according to Refinitiv IBES data.

The Dow Jones Industrial Average .DJI rose 243.95 points, or 0.9%, to 27,332.03, the S&P 500 .SPX gained 13.86 points, or 0.46%, to 3,013.77 and the Nasdaq Composite .IXIC added 48.10 points, or 0.59%, to 8,244.14.

For the week, the S&P 500 rose 0.8%, the Dow added 1.5% and the Nasdaq gained 1%.

The S&P 500 closed above the 3,000 level for the first time.