The blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which also boosted small-cap stocks and enabled Wall Street's three main indexes to post weekly gains.

The blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which also boosted small-cap stocks and enabled Wall Street's three main indices to post weekly gains.

Major stock averages finished mixed Friday, with the Dow Jones Industrial Average (DJI) posting a new record closing high after the Fed's preferred inflation measure cooled further in August, while tech stocks weighed on Wall Street's other key indexes.

The blue-chip Dow Jones Industrial Average closed at a record high on Friday as investors welcomed a subdued inflation report that also lifted small-cap stocks which stand to benefit from more interest rates cuts by the Federal Reserve.