U.S. Stocks See Further Upside Amid Optimism About Fed Pause
Stocks have moved mostly higher in morning trading on Friday, adding to the gains posted in the previous session. With the upward move, the Nasdaq has reached its best intraday level in over a year, while the S&P 500 has set a nearly ten-month intraday high.
The major averages have pulled back off their highs of the session in recent trading but remain in positive territory. The Nasdaq is up 76.13 points or 0.6 percent at 13,314.66, the S&P 500 is up 20.55 points or 0.5 percent at 4,314.48 and the Dow is up 113.04 points or 0.3 percent at 33,946.65.
The continued strength on Wall Street may partly reflect ongoing optimism about the Federal Reserve pausing its recent interest rates increases following next week's monetary policy meeting.
Yesterday's report showing initial jobless claims jumped to their highest level since October 2021 last week added to the optimism about a Fed pause.