Wall Street stock indexes closed higher on Friday, with the Nasdaq and S&P 500 reaching record highs. The rally was driven by tech giants like Microsoft, which rose nearly 1.5% to a record high, and Meta Platforms, which surged 5.9%, boosting the information technology sector to new heights.
The S&P 500 communication services sector also performed strongly, reaching its highest level since 2000. The Dow Jones Industrial Average increased by 67.87 points (0.17%) to 39,375.87, the S&P 500 gained 30.17 points (0.54%) to 5,567.19, and the Nasdaq Composite advanced 164.46 points (0.90%) to 18,352.76.
For the week, the S&P 500 rose 1.95%, the Nasdaq climbed 3.5%, and the Dow increased by 0.66%. Labor Department data showing slower job growth and rising unemployment in June boosted expectations for Federal Reserve interest rate cuts, with odds for a September cut jumping to 79%. “This report puts the Fed in a comfortable spot,” said Peter Cardillo of Spartan Capital Securities.