Dow notches record high on upbeat economic data

The S&P 500 climbed 1.01% to end at 5,648.40 points. The Nasdaq climbed 1.13% to 17,713.62 points, while the Dow rose 0.55% to 41,563.08 points.

NEW YORK: Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh US economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.

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