Wall Street capped a broad rally for stocks Thursday by driving the S&P 500 index to a fresh record, up 0.9% to 2,954.18, a record high.
The milestone, which eclipsed the benchmark index's last record close on April 30, came amid a swift turnaround for stocks this month that has erased the losses from a steep sell-off in May. The major USA stock indexes are up more than 7% so far this month.
Investors have been reassured by statements from the US Federal Reserve this month that suggest the central bank is prepared to cut interest rates in response to a slowing global economy.
The monthly gains have already erased a sharp slide in May, when escalations in the US trade war with China prompted investors to flee to safer holdings.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.06% from Thursday's 2%. Higher yields allow banks to charge higher interest rates on loans.
The price of gold, meanwhile, jumped 3.6%. At the same time, traders are concerned that corporate profits might suffer should the kind of economic slowdown that would prompt the Fed to cut rates take hold.
Investors will now look to a G20 summit in Japan next week for signs of progress on talks between the United States and China to resolve their differences that had sparked the benchmark index's worst monthly performance this year in May. "You're also seeing a big move up in gold on the back of the Fed's decision as well".
Denver Nuggets pick up Bol Bol from Heat after he drops
ESPN's Jonathan Givony said on "The Lowe Post" podcast on Friday that Connelly said he had Bol in his top 10 prospects. Salah Mejri , who measures in at 7-foot-2, is as tall as Bol. "My game is pretty unique for my size", Bol Bol said .
Rumored Galaxy A90 to launch under the Galaxy R series
Arun Maini created the image as a theory on what the phone would look like, if Samsung chose to create the special edition device. Samsung , the world's largest smartphone maker, reportedly sold an average of some 15-thousand Galaxy S10 5G phones per day.
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And ever since it's fancy new trailer shown during Microsoft's presentation, more and more details have gradually been made known. The base game is fantastic, but the DLC released by CD Projekt RED is outstanding too.
Oil prices added to recent gains on Friday on fears any USA military attack on Iran would disrupt flows of crude from the Middle East, while a gauge of global stock markets edged back from seven-week highs following a run-up spurred by optimism over monetary policy. Crude prices had been in a bear market just weeks ago, what Wall Street calls a drop of 20% or more.
The S&P 500 opened higher by 23.14 points, or 0.79%, at 2,949.60.
The Dow Jones Industrial Average added 178 points, or 0.7%, to 26,681.
The Nasdaq Composite was up 91.66 points, or 1.15%, at 8,078.98. The index hit its highest since May 1.
Tehran had received a message from President Donald Trump, delivered through Oman overnight, warning that a USA attack was imminent but adding he was against war and wanted talks, Iranian officials told Reuters on Friday. That's been a marked reversal from May, when jitters over the escalating trade conflict between Washington and Beijing derailed the market's strong start to the year.
MSCI's gauge of stocks across the globe gained 1.06%. The company also blew past forecasts for sales at established auto lots as more customers purchased used vehicles. China's Commerce Ministry spokesperson, Gao Feng, said that trade representatives from the two nations will meet. "It'll likely be coming in July absent some big trade news or other news", said John Augustine, chief investment officer at Huntington Bank in Columbus, Ohio.