US stocks edged higher on Friday, setting the stage for strong weekly wins after Wall Street's expectations for a jumbo interest rate cut by the Federal Reserve shot up overnight. The S&P 500 moved up about 0.2%, while the tech-heavy Nasdaq Composite climbed just over the flat line to point to a fifth day of gains for both gauges amid a comeback for tech stocks. The Dow Jones Industrial Average also added roughly 0.2%.
Adding to the debate, influential former New York Fed president Bill Dudley said there's a "strong case" for a deeper cut. The yield on the benchmark 10-year Treasury slipped early Friday, down 2 basis points at around 3.66%. At the same time, the yield on 2-year notes, seen as sensitive to monetary policy, dropped to just above 3.58%.
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