Big Tech Stocks Drive Wall Street to New Record High

Despite concerns about an overheating economy, Big Tech stocks propelled Wall Street to yet another record high. Meta Platforms and Amazon led the way, pushing the S&P 500 index up by 1.1 percent and the Nasdaq composite up by 1.7 percent. The Dow Jones Industrial Average experienced a more modest increase of 0.3 percent. However, overall, more stocks fell than rose on Wall Street.

Strong Jobs Report Impacts Interest Rate Expectations

A robust jobs report prompted traders to postpone their expectations for interest rate cuts by the Federal Reserve. As a result, treasury yields rose in the bond market.

Friday’s Market Performance

On Friday, the market performed as follows:

• The S&P 500 rose by 52.42 points or 1.1 percent, closing at 4,958.61.
• The Dow Jones Industrial Average increased by 134.58 points or 0.3 percent, reaching 38,654.42.
• The Nasdaq composite surged by 267.31 points or 1.7 percent, ending at 15,628.95.
• The Russell 2000 index of smaller companies fell by 11.69 points or 0.6 percent, closing at 1,962.73.

Weekly Performance

For the week, the market’s performance was as follows:

• The S&P 500 increased by 67.64 points or 1.4 percent.
• The Dow Jones Industrial Average rose by 544.99 points or 1.4 percent.
• The Nasdaq composite gained 173.59 points or 1.1 percent.
• The Russell 2000 fell by 15.60 points or 0.8 percent.

Yearly Performance

Since the beginning of the year, the market’s performance has been as follows:

• The S&P 500 has increased by 188.78 points or 4 percent.
• The Dow Jones Industrial Average has risen by 964.88 points or 2.6 percent.
• The Nasdaq composite has gained 617.60 points or 4.1 percent.
• The Russell 2000 has fallen by 64.34 points or 3.2 percent.

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