Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points.
Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to profitability and releasing an upbeat revenue forecast, Nvidia rose 2.8%, Broadcom rose 3.1%, and Alphabet rose 3.1%.
Financial stocks rallied on the prospect that looser policy would revive lending, with JPMorgan up 3%, Bank of America up 1.9%, Goldman Sachs up 4.4%, and Citi up 2.7%. Ford shares jumped 13.3% after the automaker reported strong third-quarter results that beat expectations. For the week, the S&P 500 rose about 1.8%, while the Nasdaq and Dow Jones Industrial Average rose 2%. (alg)
Source: Trading Economics
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