Traders work on the floor of the New York Stock Exchange on September 13, 2024.
Spencer Platt | Good pictures
Stocks rose on Friday, with the S&P 500 and Nasdaq Composite posting the strongest week of 2024 ahead of the upcoming Federal Reserve meeting.
The S&P 500 It rose 0.54% to end at 5,626.02, less than 1% from its July all-time high. Technology-heavy Nasdaq Composite It added 0.65% to close at 17,683.98. Both indices registered their fifth consecutive winning day. The Dow Jones Industrial Average It closed up 297.01 points or 0.72% at 41,393.78.
Utilities, communications services and industrials lifted the market on Friday, with each sector adding roughly 1%.
Investors continued to pile up shares of mega-cap tech and semiconductor names, which helped drive this week’s rebound after tech’s recent underperformance. Powerhouse chipmakers Super Micro Computer And Arm Holdings Added 3.4% and 5.9% respectively. letters advanced 1.8% and Uber Up more than 6%.
“Investors are on guard for further volatility, especially given expectations surrounding the Fed meeting,” said Quincy Crosby, chief global strategist at LPL Financial. Based on historical patterns, stocks typically have their worst performance of the year in the second half of September, he noted.
On a weekly basis, the S&P 500 rose 4%, and the Nasdaq Composite rose 5.9% — the best week of the year for both indexes. The Dow has advanced 2.6% during the period.
WALL STREET NOW SEPT. Looking ahead to the central bank’s policy meeting on 17-18, where the central bank is expected to cut interest rates by 25 basis points. Currently, the central bank’s target rate is 5.25% to 5.5%.
Economic data reflecting moderation in inflation also seemed to support the case for a rate cut. The consumer price index was 2.5% on an annualized basis in August, the lowest level since February 2021. Meanwhile, wholesale prices rose 0.2% in August, in line with expectations.
