Canada's major stock index rallied to another record high on Friday as investors sought to increase their ownership of shares in high-growth sectors like technology after Federal Reserve Chair Jerome Powell opened the door to interest rate cuts.

Stocks surged Friday and the Dow closed at its first record high of the year after Federal Reserve Chair Jerome Powell signaled interest rate cuts could be on the way.

Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.