Market Climbers: Upbeat Earnings Propel Stocks to Record Highs
The U.S. stock market soared to unprecedented highs on upbeat corporate earnings and better-than-expected inflation data. Major indexes benefitted from anticipated Federal Reserve rate cuts, with notable gains from major tech firms and industrial players. Stocks like Ford and General Dynamics exceeded expectations, while others like Alaska Air faced declines.
In a triumphant day for Wall Street, all three major U.S. stock indexes closed at record highs on Friday, buoyed by positive corporate earnings and inflation data that fell short of dire predictions. Investors were spurred by the prospect of upcoming Federal Reserve interest rate cuts.
The S&P 500 and Nasdaq saw significant weekly gains not seen since the summer months, while the Dow Jones marked its largest weekly jump since June, fueled by a promising earnings season with stellar performances from companies like Ford and General Dynamics.
Highlighting the technology sector's strong showings, heavyweights such as Meta, Microsoft, and Alphabet are primed to release earnings, energizing markets further. However, challenges remain for some, as Deckers Outdoor and Alaska Air reported disappointing forecasts and suffered share declines.
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