Market Commentary - Foreign Markets
US stocks extend uptrend As on : 16-Sep-24  12:27

Stocks moved mostly higher during trading on Friday, extending the upward trend seen over the past several sessions. The major averages on Wall Street all finished the day firmly in positive territory. The Dow advanced 297.01 points or 0.7 percent to 41,393.78, the Nasdaq climbed 114.30 points or 0.7 percent to 17,683.98 and the S&P 500 rose 30.26 points or 0.5 percent to 5,626.02.

For the week, the tech-heavy Nasdaq soared by 6.0 percent, the S&P 500 shot up by 4.0 percent and the Dow surged by 2.6 percent. Tech and semiconductor stocks led the rally, with Super Micro Computer and ARM Holdings rising 3.4% and 6.9%, respectively. Microsoft rose 0.8%, Google gained 1.8%, and Uber surged 6.4%. Boeing shares dropped 3.7% after the company's largest labor union went on strike, disrupting airplane assembly at several factories. Adobe also saw a significant decline, tumbling 8.5% following a disappointing earnings outlook.

Optimism about the outlook for interest rates contributed to the continued strength on Wall Street ahead of the Federal Reserve's monetary policy meeting. The Fed is scheduled to announce its latest monetary policy decision next Wednesday and is almost universally expected to lower interest rates by at least 25 basis points.

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