S&P 500 Reaches All-Time High in Historic Bull Run – US Market Wrap

Wall Street ended the week on a high note, with stocks closing at all-time highs on speculation that the Federal Reserve will begin cutting interest rates this year, boosting the outlook for corporate America.

Another rally in the S&P 500’s most influential sector, technology, pushed the gauge to a new high for the first time in two years. Fueled by hopes that the artificial-intelligence boom will continue to drive the market higher, the benchmark surpassed 4,800, defying warnings that the rally is concentrated in a smaller group of stocks.

Equities rose on Friday, as a drop in Treasury volatility boosted risk-taking on Wall Street. A report viewed by many as “Fed-friendly,” showing a mix of high consumer confidence and lower inflation expectations, also helped sentiment.

The S&P 500 rose 1%, erasing the week’s losses. The technology-heavy Nasdaq 100 increased nearly twice as much, with Advanced Micro Devices setting a record and Nvidia leading megacaps higher. Treasury 10-year yields were largely unchanged. The dollar fell.