On Friday, stocks rose as investors became more optimistic about a potential debt limit agreement.
Despite the release of an unexpectedly high PCE inflation report, all major averages traded in the green, with sharp gains in the rate-sensitive tech and consumer discretionary sectors.
Cleveland Fed President Loretta J. Mester said she would support a hike in June and then holding rates for a while, despite the policy-sensitive two-year Treasury yield reaching 4.6%, its highest level since March 11.
NVIDIA Corp. NVDA rose 2.5% in midday trading on Friday, bringing its weekly gains to almost 25% and its entire capitalization to $960 billion, just shy of $1 trillion.
Friday’s Trading:
The S&P 500 rose 1.3%, while the tech-heavy Nasdaq 100 index increased 2.5%, on track for its third straight session of gains. Small caps in the Russell 2000 index rose 1.2%, while blue-chip stocks in the Dow Jones Industrial rose 1%.
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