Wall Street’s main indexes hit record intraday highs on Friday, and the Dow surpassed 47,000 for the first time, driven by AI optimism and signs of a cooling labor market that strengthened the case for interest-rate cuts and put them on track for weekly gains.

At 1:04 p.m. the Dow Jones Industrial Average rose 517.70 points, or 1.11%, to 47,037.42, the S&P 500 gained 30.28 points, or 0.45%, to 6,745.63, and the Nasdaq Composite was up 40.51 points, or 0.18%, to 22,884.56.

The small-cap Russell 2000 index also hit an intraday record high and was last up 1.4%.

The S&P 500 tech sector rose 0.4%, while healthcare added 1.4% and was on track for its best week since June 2022.

Communication services shares on the S&P 500 fell 0.55%, dragged by losses in Meta Platforms and Alphabet, which were down 1.55% and 0.5%, respectively.

A gain in banks such as Goldman Sachs and JPMorgan, which rose 1.5% and 0.7%, respectively, boosted the Dow.

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