America News Agency

The broad index gained 0.61 percent to end at 5,815.03, while the Dow rallied 409.74 points, or 0.97 percent, to finish at 42,863.86. Both averages hit fresh all-time highs and closed at records. The Nasdaq Composite added 0.33 percent to finish at 18,342.94 and less than 2 percent below its all-time high.

The major averages also registered a fifth straight week of gains. The S&P 500 and Nasdaq jumped 1.1 percent each, while the Dow gained 1.2 percent.

According to the analysts, Fed funds futures trading suggests a nearly 90 percent likelihood that the Federal Reserve will dial back interest rates by a quarter point in November. Central bank policymakers will monitor additional data to shape their rate course.

Stocks also benefited from data that alleviated fears that inflation was not cooling off quickly enough. That included a cooler-than-expected September producer price index reading after the consumer price index increased slightly more than expected. The findings signalled that the Federal Reserve might attain a soft landing scenario and reach its 2 percent goal, which Goldman Sachs economists think upcoming September inflation data may already show.