British News Agency

The S&P 500 climbed 0.54 percent and closed at 5,626.02, less than 1 percent from its July all-time high. The tech-heavy Nasdaq Composite added 0.65 percent to end at 17,683.98. Both indexes posted their fifth consecutive winning day. The Dow Jones Industrial Average jumped 297.01 points, or 0.72 percent, closing at 41,393.78.

Utilities, communications services and industrials led the market higher on Friday, with each sector adding roughly 1.0 percent.

Investors also continued to rake up shares of megacap tech and semiconductor names, which helped drive this week’s rebound rally after tech’s recent underperformance. Powerhouse chipmakers Super Micro Computer and Arm Holdings added 3.4 percent and 5.9 percent, respectively. Alphabet advanced by 1.8 percent, and Uber jumped by more than 6 percent.

On a weekly basis, the S&P 500 rose 4 percent and the Nasdaq Composite gained 5.9 percent, the best week this year for both indexes. The Dow advanced by 2.6 percent during the period.

Wall Street is now looking ahead toward the Fed’s policy meeting on Sept. 17-18, during which the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed’s target rate is 5.25 percent to 5.5 percent.

Economic data reflecting a moderation in inflation also supported the case for a rate cut. The consumer price index in August came in at 2.5 percent on an annualized basis, the lowest level since February 2021. Wholesale prices, meanwhile, rose 0.2 percent in August, coming in line with expectations.