U.S. stock markets achieved significant gains on Friday, with the Dow Jones Industrial Average closing at a record high for the second consecutive day, buoyed by optimistic economic data that raised expectations for a modest interest rate cut by the Federal Reserve in September. Consumer spending increased solidly in July, indicating economic strength, while inflation remained stable, leading to a 'Goldilocks' market scenario where growth is steady without triggering excessive inflation. Both Tesla and Amazon saw their shares rise over 3%, while the S&P 500 and Nasdaq Composite also posted substantial gains of 1.01% and 1.13%, respectively. The personal consumption expenditures report released on Friday was the last major economic data before the Fed's upcoming meeting. Market analysts suggest that traders are leaning towards a 25 basis point cut, with a 50 basis point cut becoming increasingly unlikely. The trading volume was lighter than average ahead of the Labor Day holiday, with a total of 11.2 billion shares traded on U.S. exchanges.