US stock market Friday: S&P 500, Dow Jones, Nasdaq near record highs, Nvidia share price rises 750 per cent
US stock market indexes S&P 500, Dow Jones Industrial Average, and Nasdaq composite on Friday traded at record heights at Wall Street after the head of the Federal Reserve hinted at interest cuts.
The S&P 500 rose 1.1 per cent, the Dow Jones Industrial Average rose 462 points, or 1.1 per cent, to close above the 41,000 level for the first time since it set its own record in July, while the Nasdaq composite jumped 1.5 per cent. The S&P 500 rose 63.97 points to 5,634.61. The Dow jumped 462.30 to 41,175.08, and the Nasdaq composite gained 258.44 to 17,877.79.
The index pulled within 0.6 per cent of its all-time high set last month and has clawed back virtually all of its losses from a brief but scary summertime swoon.
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This comes after Fed Chair Jerome Powell said in a highly anticipated speech that the time has come to lower its main interest rate from a two-decade high. Powell’s speech marked a sharp turnaround for the Fed after it began hiking rates two years ago as inflation spiraled to its worst levels in generations.
Top Gaining Stocks
Ross Stores gained 2.1 per cent after the discount retailer raised its fiscal 2024 profit forecast. Turbo Tax's parent Intuit sagged 6.9 per cent in response to disappointing quarterly revenue.
Nvidia’s valuations have also climbed, as the stock soared about 750 per cent since the start of 2023, making it the world’s third-most valuable company as of Thursday, while also drawing comparisons
