Wall Street Rallies Amid Positive Earnings and Fed's Rate Cut
Major indexes on Wall Street climbed on Friday, fueled by positive earnings reports from companies like FedEx and Apple's price target boost. This potential third week of gains was further driven by a historic Fed rate cut. Investors showed optimism towards AI and adjusted to the Fed's monetary policy outlook.
On Friday, Wall Street's major indexes saw gains, bolstered by strong earnings reports and the Federal Reserve's announced rate cut. FedEx surged 2.6% following better-than-expected quarterly earnings. Meanwhile, Apple's stock price increased by 3.1% after J.P. Morgan raised its price target.
The S&P 500's technology sector performed well with contributions from Palantir Technologies and Oracle. Eight out of the eleven S&P 500 sectors registered increases, with technology and utility stocks leading. Despite these gains, the energy sector experienced a 1.37% decline.
Investors were buoyed by the Fed's first rate cut in 2025 and optimism surrounding AI-driven stock trading. The upbeat market mood persisted despite early day fluctuations, following a CNBC interview with Stephen Miran, the Fed's newest governor. Market sentiment improved after U.S. President Donald Trump and China's Xi Jinping discussed progress on a TikTok deal.
(With inputs from agencies.)
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