Major U.S. indices closed higher on Friday as the S&P 500 and Nasdaq Composite snapped five-day losing streaks. However, both indices, along with the Dow Jones Industrial Average, recorded losses for the week.
During Friday's trade, the Dow climbed 339.9 points, or 0.8%, to 42,732.1, the S&P 500 rose 73.9 points, or 1.3%, to 5,942.5 and the Nasdaq Composite advanced 340.9 points, or 1.8%, to 19,621.7.
Despite Friday's rally, the indices ended the week in the red. The S&P 500 fell 0.5%, the Dow lost 0.6%, and the Nasdaq declined 0.5%.
Technology stocks provided a significant boost, with Nvidia gaining 4.7% and Super Micro Computer soaring 10.9%. Both companies are poised to benefit from ongoing investments in artificial intelligence (AI).
Meanwhile, Microsoft finished 1.1% higher after announcing a US$80 billion (A$128.66 billion) investment in AI-enabled data centres for fiscal 2025, further driving optimism in the sector.
Elsewhere, U.S. Steel shares tumbled 6.5% after President Joe Biden announced plans to block Nippon Steel’s proposed acquisition of the company.
Alcohol stocks also faced pressure after the U.S. Surgeon General issued an advisory linking alcohol consumption to increased cancer risk.
Brown Forman lost 2.5% while Molson Coors fell 3.4% following the release.
On the bond markets, 10-year and 2-year yields were up by 0.9% and 1.1% to 4.602% and 4.283%, respectively.
