The Dow Jones Industrial Average surged over 700 points, hitting a new all-time high, signaling growing confidence in an imminent interest rate cut. Boosted by UnitedHealth's strong earnings, the blue-chip index rose by 1.8%, while the S&P 500 also reached a new record. Investors praised better-than-expected earnings in various sectors and a surprising increase in retail sales. Bank of America and Morgan Stanley ended positively, with the former exceeding profit estimates. The Federal Reserve's plans to lower rates soon, coupled with encouraging economic data, have fueled optimism in the stock market. While a September rate cut seemed likely, concerns about the Fed's impartiality close to the upcoming election linger. Market observers also speculate on former President Donald Trump's increasing odds for re-election following recent events, such as his choice of running mate.