Tech Companies Lift S&P in Stocks' Best Week of 2024

Broadcom, Microsoft help recover last week's losses
By Newser Editors and Wire Services
Posted Sep 13, 2024 3:45 PM CDT
Tech Companies Lift S&P in Stocks' Best Week of 2024
A Microsoft Surface logo is seen before an NFL football game between the Arizona Cardinals and the Buffalo Bills on Sept. 8 in Orchard Park, N.Y.   (AP Photo/Matt Slocum)

US stocks closed out their best week of the year with more gains on Friday and climbed to the cusp of their records.

  • The Dow rose 297.01 points, or 0.7%, to 41,393.78.
  • The S&P 500 rose 30.26 points, or 0.5%, to 5,626.02.
  • The Nasdaq rose 114.30 points, or 0.7%, to 17,683.98.

Rallies for Microsoft, Broadcom, and other big technology stocks helped the S&P 500 claw back almost all its losses from last week, which was its worst in nearly 18 months, the AP reports. Uber Technologies helped drive the market higher with a gain of 6.4% after saying it will bring autonomous ride-hailing to Austin and Atlanta with Waymo early next year. Stocks also 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 for the Fed to 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 Wall Street, home-furnishings company RH jumped 25.5% after reporting stronger profit and revenue for the latest quarter than expected. Oracle pared a big early gain to inch up 0.4% after giving long-term financial forecasts that analysts said topped their expectations. That brought the software company's gain to 14.3% for the week, which it began with a better-than-expected profit report for the latest quarter. Technology stocks were generally the market's main drivers this week, particularly Nvidia and other big technology stocks that struggled earlier this summer on concerns their prices had shot too high in the frenzy around artificial intelligence. Nvidia rallied 15.8% over the week despite slipping 0.1% on Friday. On the losing end of Wall Street on Friday was Boeing, which lost 3.7% as aircraft assembly workers walked off the job. Adobe fell 8.5%, though the company also reported better profit for the latest quarter than expected.

(More stock market stories.)

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