WASHINGTON (dpa-AFX) - Stocks moved mostly higher during trading on Friday, adding to the gains posted during Thursday's session. With the continued upward move, the major averages all reached new record closing highs.
The major averages reached new highs late in the session before giving back some ground going into the close. The Nasdaq advanced 160.75 points or 0.7 percent to 22,631.48, the S&P 500 climbed 32.40 points or 0.5 percent to 6,664.36 and the Dow rose 172.85 points or 0.4 percent to 46,315.27.
For the week, the tech-heavy Nasdaq surged by 2.2 percent, while the S&P 500 and the Dow jumped by 1.2 percent and 1.1 percent, respectively.
The continued strength on Wall Street partly reflected an extension of recent upward momentum, which has helped to propel the major averages to new record highs.
While September is typically the worst month for stocks, the major averages have trended higher over the first few weeks of the month.
Optimism about lower interest rates has contributed to the strength on Wall Street, with the Federal Reserve cutting rates by a quarter point on Wednesday and signaling two more rate cuts this year.
Stocks saw further upside following President Donald Trump's comments about a call with his Chinese counterpart Xi Jinping, which he described as 'very productive.'
Trump said progress was made on many very important issues, including trade, fentanyl, the need to end the war between Russia and Ukraine and the approval of a deal over TikTok's U.S. operations.
Overall trading activity appeared somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.
Sector News
Gold stocks moved sharply higher amid an increase by the price of the precious metal, resulting in a 4.3 percent surge by the NYSE Arca Gold Bugs Index.
Significant strength also emerged among software stocks, as reflected by the 1.8 percent gain posted by the Dow Jones U.S. Software Index.
On the other hand, energy stocks showed a notable move to the downside amid an extended pullback by the price of crude oil.
Reflecting the weakness in the sector, the Philadelphia Oil Service Index slumped by 2.1 percent and the NYSE Arca Oil Index slid by 1.5 percent.
Housing stocks also saw considerable weakness on the day, dragging the Philadelphia Housing Sector Index down by 1.2 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Friday. Japan's Nikkei 225 Index slid by 0.6 percent and China's Shanghai Composite Index fell by 0.3 percent, while Australia's S&P/ASX 200 Index increased by 0.3 percent.
Meanwhile, the major European markets moved modestly lower over the course of the session. While the German DAX Index dipped by 0.2 percent, the U.K.'s FTSE 100 Index edged down by 0.1 percent and the French CAC 40 Index closed just below the unchanged line.
In the bond market, treasuries extended the downward move seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.5 basis points to a two-week closing high of 4.139 percent.
Looking Ahead
Closely watched readings on consumer price inflation are likely to attract attention next week along with reports on new and existing home sales and durable goods orders as well as speeches by Fed Chair Jerome Powell and other Fed officials.
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