Wall Street continued its record-setting run on Thursday as stocks climbed following a mixed set of U.S. data, paving the way for the Federal Reserve to cut interest rates to boost the economy. The S&P 500 rose 0.8% to set an all-time high for the third straight day, with the Dow Jones Industrial Average rallying 617 points and the Nasdaq composite gaining 0.7%. Treasury yields eased as it is expected the Fed will cut its main interest rate next week. Meanwhile, more U.S. workers applied for unemployment benefits, signaling a potential rise in layoffs amid a slowing job market.

Inflation is a key concern, as prices for U.S. households are rising faster than expected, hitting 2.9% higher in August compared to a year earlier. However, traders believe the slowing job market is a more pressing issue for the Fed. Despite inflation concerns, hopes are for a measured slowdown to avoid a recession. Stocks of companies that could benefit from lower interest rates rallied, including real estate and homebuilders, while Centene led the market with a 9% jump. Opendoor Technologies soared 79.5% after appointing a new CEO, and Warner Bros. Discovery saw a 28.9% increase following reports of a potential acquisition bid.

The S&P 500 rose 55.43 points, the Dow Jones Industrial Average jumped 617.08 points, and the Nasdaq composite gained 157.01 points. In European markets, indexes ticked higher after the European Central Bank left interest rates unchanged, with France’s CAC 40 rising 0.8% and Germany’s DAX returning 0.3%. In Asia, indexes were mostly higher, with Shanghai stocks jumping 1.7% and Hong Kong falling 0.4%. The 10-year Treasury yield eased to 4.02% from 4.04%.

Read more at Yahoo Finance: Wall Street rallies as a cut to interest rates next week looks more certain