Tech-Driven Market Surge: Nasdaq Sets Record Amidst Rate Cut Optimism
U.S. stocks closed higher with the Nasdaq reaching a record high as Apple and tech shares surged. Investors were optimistic about potential Fed interest rate cuts, following weak economic data. The S&P 500 saw strong gains, driven by tech and communication stocks, with Apple leading the charge.
U.S. stocks wrapped up the week on a high note, propelled by gains in technology stocks, including a standout performance by Apple. The Nasdaq celebrated a record close, fueled by investor optimism over potential interest rate cuts.
Apple's shares soared 4.2% on Friday, marking a 13.3% increase for the week—the biggest weekly rise since 2020. President Trump announced Apple's $100 billion investment in the U.S., boosting tech-sector gains in the S&P 500.
Elsewhere, Gilead Sciences' shares jumped 8.3% after updating its financial projections, while expectations for Fed rate cuts rose. The Dow, S&P 500, and Nasdaq all posted robust weekly gains, with investors keeping an eye on inflation data and U.S.-India trade tensions.
(With inputs from agencies.)
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