Traders work on the New York Stock Exchange floor on Sept. 9, 2024.
Spencer Platt | Getty Images
Stocks traded higher, putting the S&P 500 on track for its fifth straight winning session, as Wall Street headed for a strong weekly gain.
The broad market index climbed nearly 0.7%, while the Dow Jones Industrial Average traded 427 points higher, or 1%. The Nasdaq Composite added 0.7%.
Investors continued to rake up shares of mega cap tech and semiconductor names, driving this week’s rebound rally. Powerhouse chipmakers Super Micro Computer and ARM Holdings added 5.9% and 7%, respectively, while Nvidia also inched up 0.5%. Google added 1.8% and Uber jumped nearly 5%.
“The market is trying for a positive close after what’s been a choppy, yet hopeful, week,” said Quincy Krosby, chief global strategist for LPL Financial.
The S&P 500 and Nasdaq Composite are coming off their fourth straight winning session, adding to their strong week-to-date performances. The broad market index is up 3.6% this week, while the Nasdaq has popped 5.3%. The Dow has advanced 2.3%.
Wall Street is now looking ahead toward the Federal Reserve’s policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed’s target rate is sitting at 5.25% to 5.5%.
Economic data reflecting a moderation in inflation also seemed to support the case for a rate cut. The consumer price index in August came in at 2.5% on annualized basis, the lowest level since February 2021. Wholesale prices, meanwhile, rose 0.2% in August, coming in line with expectations.
Source Agencies
