US stocks closed at new highs on Friday (September 19), continuing their record-breaking rally from the previous session as investors digested upbeat corporate earnings reports, the Fed's first interest rate cut in 2025, and signs of progress in US-China relations.
The S&P 500 rose 0.5%, surpassing the 6,600 level, the Nasdaq 100 gained 0.7%, and the Dow Jones Industrial Average rose 172 points, surpassing the 46,300 level for the first time. FedEx jumped 2.3% after reporting better-than-expected results, while Apple jumped 3.2% on a J.P. Morgan price target increase and the launch of its new iPhone. Tesla rose 2.2% after an outperform rating upgrade from Baird, helping lift the technology and discretionary consumer goods sectors.
The market also monitored a lengthy phone call between President Trump and China's Xi Jinping, with Trump noting progress on trade, fentanyl, and a potential TikTok deal. All three major indexes posted weekly gains, with the S&P 500 up 0.8%, the Dow Jones up 1%, and the Nasdaq up 1.5%. (alg)
Source: Trading Economics
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