U.S. stocks hit new peaks on Friday, driven by a record-breaking rally as trade talks between the U.S. and China progressed and the “Magnificent Seven” tech stocks surged. The Dow Jones Industrial Average gained 0.4%, the S&P 500 climbed nearly 0.5%, and the tech-focused Nasdaq Composite rose 0.7%, boosted by Apple’s stock rally amid excitement for its new iPhone launch.
Amalya Dubrovsky, Karen Friar, and Laura Bratton for Yahoo Finance:
All three major indexes hit all-time highs for a second session in a row, ending the week on an upbeat note as the dust settled on the Federal Reserve’s return to interest rate cuts. The S&P 500 and Nasdaq cinched their third straight weekly gains, adding 1.2% and 2.2%, respectively. The Dow climbed 1%, marking its second consecutive weekly gain.
Save for Nvidia, the Mag 7 tech stocks all posted gains for the five trading sessions through Friday, led by Tesla. Tesla ended the week up nearly 8%, while Alphabet added around 6% and Apple jumped almost 5%.
Investors on Friday were focused on details from Trump’s conversation with Chinese President Xi Jinping. The US president said in a post on Truth Social following the talks, “We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal.”
MacDailyNews Take: Also of note, Apple is now just a wisp behind Microsoft on the chart of the world’s most valuable companies (market cap):
- Nvidia: (NVDA): $4.470 trillion
- Microsoft (MSFT): $3.824 trillion
- Apple (AAPL): $3.800 trillion
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