A weekly rise for the broad-market index during the holiday-shortened trading week was anticipated as the S&P 500 reached a record high on Friday.
New highs were also reached by the tech-heavy Nasdaq Composite. On Friday, the Nasdaq Composite increased by 0.8% while the S&P 500 had a gain of almost 0.5%.A 0.2% increase was seen in the Dow Jones Industrial Average.
In response to investor bets that any economic downturn later this year will be greeted by a Federal Reserve rate drop, the S&P 500 has rallied approximately 16% so far this year.
The benchmark is on track for its fourth positive week in the last five. As of now, the Nasdaq has gained 22% on the year.
Source (CNBC)
