Dow, S&P break records

Blue-chip averages hit intraday and closing highs after minutes from last central bank meeting add to bets that the Fed can lower rates again this year.

By Alexandra Twin, CNNMoney.com senior writer

October 9 2007: 5:44 PM EDT

NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday, sending the Dow and S&P 500 to all-time highs as investors breathed a sigh of relief that the minutes from the last Fed meeting supported hopes for another interest rate cut by the end of the year.

The Dow Jones industrial average (Charts) jumped more than 120 points, ending at an all-time high of 14,164.53. The blue-chip barometer had hit an intraday high of 14,166.40 shortly before the close.

The broader S&P 500 (Charts) index hit a record intraday high of 1,565.26 right before the close, and ended the session just short of that at 1,565.15.

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