U.S. markets rose as the Dow ended at an all-time closing high for the second consecutive week on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates next month.

The Dow Jones Industrial Average rose 0.6 percent to 41,563. The Nasdaq Composite jumped 1.1 percent to 17,714, while the S&P 500 climbed about 1 percent to end at 5,648. Friday marked the end of a tumultuous month on Wall Street after signs of a sudden moderation in the labour market in early August sparked fears of a U.S. recession. The influence of the Japanese yen carry trade worsened the rout. For the month, the S&P 500 climbed 2.3 percent, the Dow added 1.8 percent, and the Nasdaq advanced 0.6 percent.

The markets got a boost as U.S. consumer spending increased solidly in July, suggesting the economy remained strong while prices rose moderately. The encouraging personal consumption expenditures report came after Fed Chair Jerome Powell last week expressed support for an imminent policy adjustment. Economic data next week includes the Labour Department’s August jobs report, due on Friday.

Tech stocks like Amazon.com and Tesla jumped over 3 percent. Broadcom rallied nearly 4 percent, while Marvell Technology surged 9 percent after the chipmaker forecast quarterly results above estimates. Intel jumped almost 10 percent following a report that it was exploring options that could include a merger.