NEW YORK — U.S. stocks rose closer to their records and closed out their best week of the year as hopes built for a big rate cut next week. The S&P 500 rose 0.5% Friday to climb within 0.7% of its all-time high reached in July. The Dow Jones Industrial Average added 0.7%, and also traded close to its own record high. The Nasdaq composite rose 0.7%. Stocks got support from the bond market, where Treasury yields eased ahead of next week’s meeting of the Federal Reserve.
Stocks got support from the bond market, where Treasury yields eased ahead of next week’s meeting of the Federal Reserve. The unanimous expectation on Wall Street is the Fed will deliver the first cut to interest rates in more than four years on Wednesday, and traders are rekindling hopes it may offer bigger-than-usual relief.
On Friday, though, traders were seeing roughly a coin flip’s chance that the Fed could deliver a large cut of half of a percentage point, instead of the more traditional quarter of a point, according to data from CME Group. The federal funds rate is currently sitting in range of 5.25% to 5.50%. The yield on the 10-year Treasury eased to 3.64% from 3.68% late Thursday. The two-year yield, which more closely tracks expectations for Fed action, fell more to 3.57% from 3.65%.
Uber Technologies revved 5.5% higher after saying it will bring autonomous ride-hailing to Austin and Atlanta with Waymo early next year.
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