Stock market today: Wall Street nears records as it closes a big week
U.S. stocks are rising closer to their records as they close out their fourth winning week in the last five
NEW YORK — U.S. stocks are rising closer to their records Friday as they finish out their fourth winning week in the last five.
The S&P 500 was 0.5% higher in morning trading and just 0.7% below its all-time high set in July. It's roared to claw back almost all its losses from last week, which was its worst in nearly 18 months.
The Dow Jones Industrial Average was up 295 points, or 0.7%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.
Technology stocks have been the market’s main drivers this week, particularly Nvidia and other big technology stocks that struggled earlier this summer on concerns their prices had shot too high in the frenzy around artificial intelligence.
Tech giant Oracle helped drive Friday’s gains after giving long-term financial forecasts that analysts said topped their expectations. The software company climbed 2% to cap a strong week that began with a better-than-expected profit report for the latest quarter. Oracle is on pace for a 16% gain for the week and potentially its best such performance in more than two decades.
Stocks were also getting support from the bond market, where Treasury yields were easing ahead of next week’s meeting of the Federal Reserve. The consensus expectation is that the Fed will deliver the first cut to interest rates in more than four years on Wednesday.
Inflation has slowed from its peak two summers ago, which is encouraging the Federal Reserve to turn more focus to the slowing job market and economy. It has been keeping its federal funds rate at a two-decade high for more than a year.
How much to cut rates by will be a delicate
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