US stocks cap positive week with more gains
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Traders working on the New York Stock Exchange floor on Sept 13, in New York City.
PHOTO: AFP
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NEW YORK - Wall Street stocks rose again on Sept 13, adding to weekly gains following economic data that sets the stage for the Federal Reserve to cut interest rates.
Analysts say fresh jobs and inflation data in recent days has corroborated the Fed’s confidence that inflation has significantly moderated.
On Sept 13, futures markets lifted the odds the Fed will cut interest rates by a half percentage-point instead of a quarter point, after markets had favoured the smaller cut earlier in the week.
The broad-based S&P 500 ended at 5,626.02, up 0.5 per cent for the day and more than four percent for the week.
The Dow Jones Industrial Average rose 0.7 per cent to 41,393.78, while the tech-rich Nasdaq Composite Index gained 0.7 per cent to 17,683.98.
“Whatever you want to call it, ‘soft landing,’ ‘Goldilocks,’ the market is fine with it,” said Mr Steve Sosnick, of Interactive Brokers, who pointed to bullish artificial intelligence commentary from Nvidia chief executive officer Jenson Huang as another positive catalyst this week.
Among individual companies, Boeing fell 3.6 per cent after Seattle region workers overwhelmingly rejected a four-year contract proposal, launching a strike that will shutter two major factories.
Trump Media & Technology Group surged 11.8 per cent after Donald Trump said he would not sell his stake in the social media company. AFP
