-Wall Street's major stock indexes rose on Friday, on course to recoup some ground lost earlier in the week, as tech megacaps recovered and in-line inflation data supported bets that the Federal Reserve would cut interest rates in September.led the way, aided by industrial conglomerate 3M, which jumped 20% and was on track for its largest daily percentage gain in decades after it raised the lower end of its annual adjusted profit forecast.
Adam Hetts, global head of multi-asset at Janus Henderson, noted that this week's data, including Friday's price report, have signaled a stable U.S. economy, which supports a September rate cut. As of 2:01 p.m. ET, the S&P 500 gained 66.86 points, or 1.24%, at 5,466.08 points, while the Nasdaq Composite advanced 181.87 points, or 1.07%, to 17,365.99. The Dow Jones Industrial Average rose 690.12 points, or 1.73%, to 40,625.19.
Worries about Wall Street's growing dependence on a set of high-momentum stocks, whose valuations now appear inflated, have made underperforming sectors like mid- and small-cap stocks seem more attractive, now that early rate cuts seem likely.) jumped 7.5% after it raised its annual profit forecast, while oilfield services firm Baker Hughes climbed 5.3% after beating estimates for second-quarter profit.) jumped 11.
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