US stocks headed towards their best week of the S&P 500 (^GSPC) hitting 6,000 for the first time ever to round out gains spurred by Donald Trump’s White House victory followed by the Federal Reserve’s latest rate cut.
The S&P 500 rose 0.4% to a new record, while the tech-heavy Nasdaq Composite (^IXIC) hovered near the flatline. The Dow Jones Industrial Average (^DJI) rose 0.6% to cross 44,000 for the first time.
Stocks drifted higher to end a stellar week of gains driven by optimism that President-elect Donald Trump’s policies will boost the economy. The initial “Trump trade” rush was volatile on Friday as the US dollar (DX=F) and Treasury yields gave up a good chunk of their post-election gains.
Disappointment over China’s new fiscal stimulus drew investor attention, putting pressure on Chinese stocks and oil prices. The $1.4 trillion plan to refinance local government debt left investors unconvinced of its potential to spur a faltering economy.
Even so, Wall Street major gauges are still on track for strong weekly wins after racking up more records on Thursday as the Federal Reserve delivered the expected interest rate cut.
On the equities side, AI darling Nvidia (NVDA) officially entered the Dow on Friday, replacing chip giant Intel (INTC).
Tesla (TSLA) hit $1 trillion in market cap as shares of the electric vehicle giant soared as much as 7%.
Trump Media & Technology Group stock (DJT) leaped 10% and was briefly halted for volatility after Trump said he would not sell his shares in the company, the home of Trump’s social media platform, Truth Social.
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