The Dow Jones Industrial Average was on track for its first record close since December on Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, sparking a broad stock-market rally.

The Dow Jones Industrial Average (DJI) has hit an intraday all-time high at more than 45,690 points. The record was previously reached on Tuesday with an intraday high of 45,207.39 points, before the index retreated to close flat.

The stock market surged on Friday as rumors swirled about Federal Reserve Chair Jerome Powell cutting interest rates. The Dow Jones Industrial Average rose 846 points to a new record, the S&P 500 jumped 1.