U.S. stocks closed their best week of the year with more gains and climbed to the cusp of their records
U.S. stocks closed out their best week of the year with more gains Friday and climbed to the cusp of their records. The Standard & Poor's 500 rose 0.5% for its fifth straight gain and is just 0.7% below its all-time high set in July. Rallies for Microsoft, Broadcom and other big technology stocks helped it claw back almost all its losses from last week, which was its worst in nearly 18 months. The Dow Jones industrial average gained 0.
“They care more about direction than magnitude, and rates falling should take pressure” off companies’ expenses and stock prices, he said. The yield on the 10-year Treasury eased to 3.65% from 3.68% late Thursday. The two-year yield, which more closely tracks expectations for Fed action, fell more sharply to 3.58% from 3.65%. On Wall Street, home-furnishings company RH jumped 25.5% after reporting stronger-than-expected profit and revenue for the latest quarter.
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