NEW YORK, NY - DECEMBER 07: A General View of  the Bull on Broadway on December 7, 2018 at the New York Stock Exchange in New York, NY.  (Photo by Rich Graessle/Icon Sportswire via Getty Images)
Rich Graessle/Icon Sportswire/Getty Images
NEW YORK, NY - DECEMBER 07: A General View of the Bull on Broadway on December 7, 2018 at the New York Stock Exchange in New York, NY. (Photo by Rich Graessle/Icon Sportswire via Getty Images)
Now playing
01:41
The bull market is ten years old. Here's how it can keep climbing
U.S. President Donald Trump works on his phone during a roundtable at the State Dining Room of the White House June 18, 2020 in Washington, DC. President Trump held a roundtable discussion with Governors and small business owners on the reopening of American's small business. (Photo by Alex Wong/Getty Images)
Alex Wong/Getty Images
U.S. President Donald Trump works on his phone during a roundtable at the State Dining Room of the White House June 18, 2020 in Washington, DC. President Trump held a roundtable discussion with Governors and small business owners on the reopening of American's small business. (Photo by Alex Wong/Getty Images)
Now playing
02:03
Facebook Oversight Board upholds Trump ban
Now playing
02:52
Businesses set vaccine mandate for workers
CNN
Now playing
05:16
WTF is a SPAC?
In this Feb. 1, 2018 photo, Microsoft co-founder Bill Gates and his wife Melinda take part in an interview with The Associated Press in Kirkland, Wash. The Gateses, as the world's top philanthropists, are rethinking their work in America as they confront what they consider their unsatisfactory track record on schools, the country's growing inequity and a president they disagree with more than any other. (AP Photo/Ted S. Warren)
Ted S. Warren/AP/FILE
In this Feb. 1, 2018 photo, Microsoft co-founder Bill Gates and his wife Melinda take part in an interview with The Associated Press in Kirkland, Wash. The Gateses, as the world's top philanthropists, are rethinking their work in America as they confront what they consider their unsatisfactory track record on schools, the country's growing inequity and a president they disagree with more than any other. (AP Photo/Ted S. Warren)
Now playing
02:04
Bill and Melinda Gates divorce won't end their foundation partnership
Warren Buffett, CEO of Berkshire Hathaway, attends the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Johannes Eisele/AFP/Getty Images
Warren Buffett, CEO of Berkshire Hathaway, attends the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Now playing
02:07
Greg Abel to succeed Warren Buffett at Berkshire Hathaway
Now playing
01:51
A shortage of tanker truck drivers could cause stations to run out of gas
Now playing
03:27
Is kelp the key to carbon capture? This startup thinks so
Now playing
02:50
Grocery chain says 'hero pay' forcing them to close stores
Getty Images
Now playing
02:54
Jimmy Kimmel is worried about MyPillow's Mike Lindell
Police used an image of the suspect taken from a fake driver's license left at the scene (left) to run a facial recognition scan. It returned a "high profile comparison" to Nijeer Parks (right). (Woodbridge Police Department)
Woodbridge Police Department
Police used an image of the suspect taken from a fake driver's license left at the scene (left) to run a facial recognition scan. It returned a "high profile comparison" to Nijeer Parks (right). (Woodbridge Police Department)
Now playing
06:33
He was innocent. But a facial recognition 'match' got this Black man arrested
A train derailed on a subway platform in Manhattan Sunday. No passengers were injured.
MTA/MTA/MTA New York City Transit
A train derailed on a subway platform in Manhattan Sunday. No passengers were injured.
Now playing
05:34
NYC MTA Chief: Biden's plan is 'once in a generation opportunity'
Now playing
02:57
Here's how Viking Cruises plans to welcome back vaccinated guests
Now playing
05:13
Google CEO on India's Covid crisis: The worst is yet to come
Now playing
05:42
How NBA Top Shot turned dunks into digital gold
Consumer Reports
Now playing
01:38
Watch Consumer Reports trick Tesla's Autopilot system
(CNN Business) —  

The Dow and the broader stock market are at all-time highs, with six record closes this week alone, including Friday’s triple record.

This is how we got here.

It all came down to the Federal Reserve and interest rates once again. Fed Chairman Jerome Powell gave his bi-annual congressional testimony on Wednesday and Thursday, and his comments fueled hopes for a rate cut.

Market expectations for a rate cut had quivered after last week’s better-than-expected jobs report. An economy with a healthy job market should need stimulus.

The central bank is widely expected to lower rates to boost the economy at its July 31 meeting — but Wall Street is still debating whether it will be a quarter-percentage-point or a half-point cut. The CME’s FedWatch tool suggests a 78% probability for a quarter-point cut.

Stocks started the week lower before Powell came to the rescue. The central banker pointed at uncertainties surrounding trade and global growth, and also noted that inflation remained below target. When core consumer price inflation for June rose to 2.1% on Thursday, Powell stuck to the script and stocks rallied further.

“Powell’s appearance Wednesday was extremely well received, with the Fed Chairman giving us as dovish a message as he was ever likely to,” said Craig Erlam, senior market analyst at Oanda in a note.

“There was no attempt to discourage investors from fully pricing in a July cut so that looks as close to a certainty as you can expect to see.”

Investors appear encouraged that it won’t be the last cut. Powell’s gloomier assessment of the outlook appear to indicate future cuts.

On Friday, the producer price index for June, another measure of inflation, slipped to 1.7% year-over-year, down from the prior month.

The Dow (INDU), the S&P 500 (SPX) and the Nasdaq Composite (COMP) once again soared to new all-time highs on Friday.

The Dow jumped 244 points, or 0.9%. The Nasdaq advanced 0.6%, while the S&P 500 gained 0.5% and closed above 3,000 for the first time ever.