United States stocks climbed on Friday, as all three major benchmarks refreshed fresh record highs and posted solid weekly advances after the Federal Reserve delivered its first interest rate cut since December.
The Dow rose 172.9 points or 0.4% to end at 46,315.3. The S&P 500 gained 32.2 points, or 0.5%, to 6,664.4, while the Nasdaq Composite advanced 160.8 points, or 0.7%, to settle at 22,631.5.
The small-cap Russell 2000 slipped 0.7% on the day, pulling back from a record high reached earlier in the session, though it still managed to extend its winning streak to seven weeks.
For the week, the S&P 500 and Dow advanced 1.2% and 1.1%, respectively. The Nasdaq added 2.2%.
In company moves, Apple jumped 3.2% as the latest iPhone model went on sale worldwide. Tesla also gained 2.2%.
In contrast, homebuilder Lennar fell 4.2% after reporting weaker third-quarter earnings and forecasting fourth-quarter home deliveries below expectations.
Last week, the Fed’s quarter-point reduction in its benchmark overnight lending rate gave equities momentum.
Chair Jerome Powell described the move as a “risk management cut”, a characterisation that triggered some volatility but ultimately bolstered investor sentiment.
On the bond markets, yields moved higher. The 10-year Treasury yield rose 0.6% to 4.133%, while the 2-year yield edged up 0.1% to 3.574%.
