S&P 500 hits all-time high on trade optimism, rate cut hopes; Dow up 70 pts

Technology stocks propelled the benchmark S&P 500 index to an all-time high, while the Nasdaq hovered below its record level, as a possible US-China trade deal and rising bets on a third rate cut by the Federal Reserve fueled optimism. Shares of Microsoft Corp gained 2% and were among the biggest boost to all three major indexes after the technology giant won the Pentagon's $10 billion cloud computing contract, beating Amazon.com Inc .

The S&P 500 rose as much as 0.7% to 3,044.08, breaching the record level hit in July, while.

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