Wall Street ended higher on Friday, and the Dow surged more than 200 points to another record close after fresh US economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.

The Dow Jones Industrial Average hit an all time high of 41,585.21 before closing at 41,563.08, up 0.6%. It was the blue-chip index’s fourth record close this week and 26th this year.

The S&P 500 flirted with its all-time high, gaining 1%, to end at 5,648.40 points, while the Nasdaq climbed nearly 200 points, or 1.1%. It was the S&P 500’s fourth straight winning month.

US consumer spending increased solidly in July, suggesting the economy remained strong while prices rose moderately.

“Investors are seeing another sign of being in a soft landing,” said Cameron Dawson, chief investment officer at Newedge Wealth. “It’s another one of those Goldilocks kind of reports really threading a needle right down the center. The market is really getting exactly what it wanted.”

A “just-right” Goldilocks economy has steady growth, but not too much that it fuels excessive inflation.

Amazon and Tesla each jumped over 3%.

Broadcom rallied 3.8%, while Marvell Technology surged 9.2% after the chipmaker forecast quarterly results above estimates.

Friday’s personal consumption expenditures report was the last major economic data release before the Fed’s September meeting. Chair Jerome Powell last week expressed support for an imminent policy adjustment.

Economic data next week includes the Labor Department’s August jobs report, due on Friday.

Money markets suggest traders mostly expect the Fed to cut rates by 25 basis points in September, with odds of a 50 basis point cut dimming further after Friday’s data, according to CME Group’s FedWatch Tool.

Friday ends a tumultuous month on Wall Street after signs of a sudden moderation in the labor market in early August sparked fears of a US recession. The influence of the Japanese yen carry trade worsened the rout.

Shares have rebounded since then, with the S&P 500 trading near record highs.

Trading volume has been thin this week ahead of Monday’s stock market holiday for Labor Day.

Nvidia rose 1.5%, rebounding from a 6.4% drop in the previous session after the artificial intelligence-chip bellwether failed to match sky-high investor expectations, despite upbeat results and a broadly in-line forecast.

Ulta Beauty slid 4% after it trimmed its annual results forecasts, citing slowing demand for higher-priced cosmetics and fragrances at its stores.

Intel jumped 9.5% following a report it was exploring options that could include a merger.

Dell Technologies, another AI-related stock, advanced 4.3% after lifting its annual revenue and profit forecasts.

Shares of Trump Media & Technology Group, majority owned by former President Donald Trump, dipped 1.7% to $19.50, leaving its stock market value at $3.9 billion.