The Dow Jones Industrial Average closed modestly higher Friday to notch a fresh record high, with major benchmarks booking weekly gains in the wake of the Federal Reserve’s large interest-rate cut on Wednesday.

Wall Street's major averages were lower on Friday, a day after both the S&P 500 and Dow closed at record highs, fueled by hopes of a soft landing. Early on and the Nasdaq Composite (COMP:IND) was -0.1%,

The Dow and S&P 500 broke records once again today, with the former settling above 42,000 for the first time with a 522-point pop, while the latter conquered the 5,700 level. The Nasdaq scored an impressive 460-point gain of its own, closing at its highest level since July as tech stocks rallied.