Nasdaq records rallies as Wall Street tries to end week on a high note: Live Update
Traders work on the floor of the New York Stock Exchange on Oct. 22, 2024.
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D Nasdaq Composite Friday rose to an all-time high, boosted by megacap tech stocks, as investors looked to end a volatile week on a high note.
The tech-heavy index rose 1.2%, while S&P 500 Gained 0.5%. D Dow Jones Industrial Average Climbed 96 points or roughly 0.2%, meanwhile.
Tech stocks boosted the market ahead of their upcoming earnings. Nvidia Around 2%, and shares rally meta, the amazon, Microsoft And Netflix Each rose more than 1%.
The 10-year Treasury yield has cooled significantly from its three-month high, breaking above the 4.25% mark during Wednesday's session. On Friday, it traded around 4.21%.
“Yields have gone up meaningfully, and so I think that's been a problem for equity markets,” said Philip Kolmer, managing partner and global strategist at MRB Partners. “On the one hand, you've got decent earnings, but then you've got lower rates, which should be positive.” However, what matters right now are bond yields, he said. “It's created a lot of uncertainty and you're getting a bit of a meltdown.”
The moves followed a mixed day on Wall Street. The Nasdaq joined the S&P 500 to end the session higher on Thursday, after both indexes lifted. Tesla Post-earnings rally.
Both the S&P 500 and Dow were on track to snap six-week winning streaks. The former is down 0.4% for the week so far, while the latter is down 1.7%. The Nasdaq, meanwhile, is on pace for its seventh weekly gain, advancing 0.3%.
Correction: A previous version incorrectly recorded the S&P 500 on Friday. It last reached an all-time high on October 17.