The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) closed at record highs as stocks extended their rate-cut rally. The US is on track for a healthy third quarter as the Atlanta Fed's GDPNow tool tracks 2.9% quarter-over-quarter GDP growth. Meanwhile, it's a quiet week on Wall Street, which could be good for markets as they look to secure another week of gains.

Yahoo Finance Markets Reporter Josh Schafer breaks down his top takeaways from the trading day.

For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Melanie Riehl