Equities on the New York Stock Exchange wrapped up the week on a high, with both the S&P 500 and Dow Jones Industrial Average closing at record highs.
The S&P 500 surged by 1.2% on Friday to close at 4,839; its first record close since January 2022. The Dow Jones Industrial Average gained over 1% to close at 37,863. The tech-heavy Nasdaq Composite was the day’s biggest riser, advancing 1.7% to 15,310. The Nasdaq’s record close stands at 16,057, reached in November 2021.
While investor confidence was previously shot after markets pushed bets of a Federal Reserve interest rate cut from March to May, strong retail data boosted stocks while confidence was further restored by optimism that Big Tech would continue its rally from the end of last year amid the artificial intelligence boom.