Stocks rose on Friday, putting the S&P 500 on track for a new record high as a technology-led rally lifted a market weighed down by uncertainty over the prospect of an early interest rate cut.
The Nasdaq Composite ( ^IXIC ) jumped 0.7%, looking to return to Thursday’s gains as Apple ( AAPL ) and chipmakers outperformed. The S&P 500 (^GSPC) rose 0.5%, while the Dow Jones Industrial Average (^DJI) rose 0.5%, or about 170 points.
The focus has shifted to big tech companies to kick-start the stock market lag now that the main drivers of the late 2023 rally have waned. Thursday’s tech-led stock rally put the S&P 500 within 0.3% of its all-time closing high of 4,796.56 and snapped a losing streak that had continued Three days for the Dow Jones.
But stocks had a busy holiday week as investors reacted to policymakers’ comments, economic data and corporate earnings in an attempt to gauge the likelihood of a Fed shift. The market is still closely monitoring signals regarding the timing of interest rate cuts, which could determine the course of companies this year.
Read more: What a pause on federal interest rate hikes means for bank accounts, CDs, loans and credit cards
In individual stocks, iRobot (IRBT) shares fell 29% after a report that EU regulators plan to block Amazon’s (AMZN) $1.4 billion acquisition of the Roomba maker. Meanwhile, Macy’s (M) stock fell more than 3% after the retailer said it would cut 2,350 jobs and close five stores.
Quarterly results from Travelers (TRV), Regions Financial (RF), and Banks are on the earnings schedule on Friday. In economic updates, the December reading for existing home sales is due, as well as a look at consumer sentiment from the University of Michigan.
Elsewhere, the postponement of the US government funding saga came after lawmakers passed a temporary bill to avert an imminent shutdown.
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