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US Indices on Track for Strong Weekly Gains
US stocks rose on Wall Street on Friday, September 19, following a winning trading session that pushed indices to new record highs, as the Federal Reserve's decision to cut interest rates bolstered investor hopes.
The Dow Jones Industrial Average rose 98 points, or 0.2%. The S&P 500 index traded 0.2% higher, while the Nasdaq Composite advanced 0.3%. The Russell 2000 index of small companies rose 0.1%, hitting a new record high.
Apple led the gains, rising 1.4% as the company's latest iPhones went on sale worldwide. Tesla shares also rose 2%.
Wall Street was on track for strong weekly gains. The S&P 500 and Dow Jones indexes rose 0.9% and 0.8%, respectively, while the Nasdaq climbed 1.8%. The Russell 2000 outperformed, rising 3% and heading for its seventh weekly gain.
Stocks also rose this week after the US Federal Reserve cut its benchmark overnight lending rate by a quarter percentage point, its first cut since December. The move was widely expected, but stocks experienced a volatile session following the decision, after Federal Reserve Chairman Jerome Powell described it as a "risk management cut" during his press conference.
Apple Gains on Global iPhone 17 Launch
Apple shares led the gains, rising about 2% as the company's latest iPhones went on sale globally. Tesla shares also rose more than 1.5%.
