US Equities Close at New Highs
U.S. stocks reached new heights on Friday, continuing their record-breaking momentum from the previous day as investors evaluated positive corporate earnings, the Federal Reserve's first interest rate reduction of 2025, and promising developments in U.S.-China relations. The S&P 500 increased by 0.5%, exceeding the 6,600 mark. Similarly, the Nasdaq 100 climbed by 0.7%, and the Dow Jones Industrial Average saw an increase of 172 points, surpassing 46,300 for the first time. FedEx's shares rose by 2.3% following better-than-anticipated earnings, while Apple's stocks surged by 3.2% after a price target boost from J.P. Morgan and the introduction of its latest iPhone. Tesla experienced a 2.2% rise after receiving an "outperform" rating upgrade from Baird, benefiting the technology and consumer discretionary sectors. Additionally, the markets responded positively to an extensive conversation between President Trump and China’s Xi Jinping, where Trump highlighted progress on trade discussions, fentanyl issues, and a potential TikTok agreement. All three major indices recorded weekly gains, with the S&P 500 increasing by 0.8%, the Dow growing by 1%, and the Nasdaq advancing by 1.5%.
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