NEW YORK, Sept. 19 (Xinhua) — U.S. stocks advanced on Friday, with all three major indexes closing at fresh record highs for a second straight session, as investors weighed the continued impact of the Federal Reserve’s latest rate cut.
The Dow Jones Industrial Average rose 172.85 points, or 0.37 percent, to 46,315.27. The S&P 500 gained 32.40 points, or 0.49 percent, to 6,664.36. The Nasdaq Composite Index climbed 160.75 points, or 0.72 percent, to 22,631.48.
Seven of the 11 primary S&P 500 sectors ended in green, with technology and utilities leading the gainers, up 1.19 percent and 0.65 percent, respectively. Energy and real estate lagged, falling 1.28 percent and 0.47 percent, respectively.
In corporate news, Apple shares jumped 3.2 percent as its new iPhone 17 models hit global shelves. FedEx gained nearly 3 percent after reinstating its full-year outlook. Lennar fell 3.3 percent after reporting weaker-than-expected quarterly results. Intel, which had surged nearly 23 percent on Thursday, slipped 3.24 percent, while Nvidia was little changed after its prior-session rally.
UBS said Friday that the market could see further upside following the Fed’s decision earlier this week to cut its benchmark rate by a quarter point, reinforcing expectations of continued policy support for equities.
“A Fed easing cycle in a non-recessionary environment has historically helped support stocks, and we see further gains underpinned by AI, earnings and consumption,” said Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management.
