EDV:CC - Dow at New Fresh Record
Stocks rose on Friday, with major U.S. indexes headed towards a weekly gain, as the Federal Reserve’s decision to cut interest rates set in investors’ minds.
The Dow Jones Industrials gained 172.85 points to conclude Friday at 46,315,27.
The S&P 500 index acquired 32.4 points to 6,664.36
The tech-heavy NASDAQ popped 160.75. points to 22,631.48.
The S&P 500 was better by 0.8%, and Dow was up 0.7%, while the NASDAQ marched up 1.7%.
Apple led the way higher, rising 3.2%, as the company’s latest iPhone went on sale around the world. Tesla shares were also up more than 2%.
Stocks also got a boost this week after the Fed lowered its benchmark overnight lending rate by a quarter percentage point, its first rate reduction since December.
The move was widely expected by markets, but stocks had a volatile session on the back of the decision after Fed Chair Jerome Powell in his press conference characterized the decision as a “risk management cut.”
Prices for 10-year Treasury faded slightly Friday, pushing yields up to 4.13% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices dipped 88 cents to $62.69 U.S. a barrel.
Gold prices surged $40.40 to $3,718.70 U.S. an ounce.