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US stocks capped their best week of the year on Friday after the S&P 500 (^GSPC) briefly hit 6,000 in a market rally spurred by Donald Trump’s White House victory followed by the Federal Reserve’s latest rate cut.
The broad-based index rose 0.4% to a new record, while the tech-heavy Nasdaq Composite (^IXIC) closed near the flatline. The Dow Jones Industrial Average (^DJI) gained 0.6% after crossing 44,000 for the first time during the session.
Stocks edged higher to end a stellar week of gains driven by optimism that President-elect Donald Trump’s policies will boost the economy. The initial "Trump trade" rush was volatile on Friday as the US dollar (DX=F) and Treasury yields gave up a good chunk of their post-election gains.
Even so, Wall Street major gauges notched fresh milestones during the session after racking up more records on Thursday as the Federal Reserve delivered the expected interest rate cut.
Disappointment over China’s new fiscal stimulus drew investor attention, putting pressure on Chinese stocks and oil prices. The $1.4 trillion plan to refinance local government debt left investors unconvinced of its potential to spur a faltering economy.
In equities, AI darling Nvidia (NVDA) officially entered the Dow on Friday, replacing chip giant Intel (INTC).
Tesla (TSLA) hit $1 trillion in market cap as shares of the electric vehicle giant soared more than 9%.
Trump Media & Technology Group stock (DJT) leaped more than 10% after Trump said he would not sell his shares in the company, the home of his social media platform, Truth Social.
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