The Dow Jones Industrial Average hit an all-time intraday high on Friday, making it the last of the three major U.S. indexes to clinch a record in Wall Street's rally fueled by the prospect of a looser monetary policy,

The Dow on Friday was on pace to hit its first record high of the year, reflecting steady optimism on Wall Street despite signs of underlying turbulence in the economy.

US stocks rose amid increasing expectations that the Federal Reserve will cut interest rates at its next meeting, following the latest inflation data.