S&P 500 and Nasdaq rally Friday to cap best week in 2024
Stocks traded higher on Friday as Wall Street headed for a strong weekly gain ahead of the upcoming Federal Reserve meeting.
The S&P 500 climbed 0.6%, putting the broad-market index on track for its fifth straight winning session as it trades less than 1% from its July all-time high. The Dow Jones Industrial Average jumped 272 points, or 0.7%. The tech-heavy Nasdaq Composite added about 0.7%.
Utilities, materials and industrials led the market higher on Friday, with each sector adding more than 1%.
Investors also continued to rake up shares of mega cap tech and semiconductor names, which helped drive this week's rebound rally after tech's recent underperformance. Powerhouse chipmakers Super Micro Computer and ARM Holdings added 3.5% and 6.2%, respectively. Nvidia shed marginally, meanwhile. Alphabet added 1.7% and Uber jumped more than 5%.
Source: CNBC