NEW YORK (AP) — U.S. stocks edged higher Friday, capping a strong week across Wall Street as investors reacted to signs the Federal Reserve may ease up on interest rates and several tech heavyweights posted solid gains.
The S&P 500 rose 0.5%, notching another record close, while the Nasdaq Composite added 0.7%, lifted by strength in Apple, Tesla, and semiconductor stocks. The Dow Jones Industrial Average gained 0.3%, led by industrials and transportation names. Small-cap stocks lagged, with the Russell 2000 slipping 0.8%.
Markets responded positively to the Fed’s first interest rate cut of the year, announced Wednesday, which signaled policymakers may be shifting toward a more accommodative stance. Traders are now pricing in a growing chance of another cut before year-end.
FedEx shares jumped after the company posted better-than-expected quarterly earnings and raised guidance, citing improved cost efficiency. Apple and Tesla also advanced on the back of analyst upgrades and continued optimism about consumer demand heading into the fourth quarter.
Gold prices climbed and bond yields inched higher, with the 10-year Treasury yield hovering near 4.14%. Energy stocks slipped slightly as oil prices steadied after recent gains.
For the week, the major indexes all posted gains, with the Nasdaq and S&P 500 closing at all-time highs. Despite persistent concerns over inflation and global growth, investor sentiment has improved on hopes of a soft landing for the U.S. economy and a more dovish Fed path.
Markets will be closely watching next week’s data on consumer spending and durable goods for further clues on economic momentum.
- For all the news that the Rockland Daily News is sharing, make sure to follow Rockland Daily News on Facebook.
- More: Rockland County News
Ten years of experience reporting. From car chases and courtroom verdicts to House fires, Holsford thrives during breaking news and finds it a privilege to help drive the conversation in Rockland County and the Greater New York Area. Born in San Bernardino, Thomas is a New York boy at heart. He received his bachelor’s degree in broadcast journalism, specializing in political science and sociology, from the University of Illinois
