U.S. stocks on Wall Street surged to the cusp of record highs on Friday, capping off their best week of the year.
For the fifth consecutive day, the S&P 500 increased by 0.5 per cent, and it is now just 0.7 per cent below its July peak all-time high. It recovered nearly all of its losses from last week, which was its worst in almost eighteen months, thanks to rallies for Microsoft, Broadcom, and other large technology stocks.
The S&P 500 opened on 5,601.65 points with moderate gains from the closing level of the previous trading day, which stood at 5,596.76. The marquee index touched a day-high level of 5,636.27 points. The total move of the S&P 500 amounted to 0.56 per cent.
The S&P 500 concluded the week's final trading session at 5,626.02 points with a 0.54 per cent move in the positive territory.
Dow Jones Industrial Average
At one point, the Dow Jones Industrial Average came within 30 points of its record set last month after rising 297 points, translating to 0.7 per cent.
The Dow Jones industrial Average opened a positive note at 41,153.70 points on the US bourse. The index touched a day-high level of 41,533.84 points, which is a 1.06 per cent move in trading day.
The Dow Jones Industrial Average closed the week's last trading session at 41,393.78 points, which translates to a 0.72 per cent gain.
In addition, the tech heavy index, containing the 'Magificant Seven' Nasdaq composite, added 0.7 per cent. The Nasdaq composite opened at 17,575.26 points in the positive territory.
The index of the tech giants touched a day high level of 17,719.14 points on the US bourse, which led to a shuttering of the index in green territory with a 114.30 point gain amounting to 0.65 per cent.
After announcing that it will launch autonomous ride-hailing in Austin and Atlanta with Waymo early next year, Uber Technologies contributed to the market's upward movement, rising 6.4 per cent.
Federal Reserve move
The goal of the Federal Reserve's two-decade high main interest rate policy has been to slow the economy down sufficiently to contain high inflation. The Federal Reserve has stated that it can shift its attention to supporting the slowing job market and economy now that inflation has significantly decreased from its peak two years ago.
