Major U.S. stock indexes closed at record highs on Friday, capping a week of significant gains fueled by the Federal Reserve's decision to cut interest rates. The Dow Jones Industrial Average surged 172.85 points (0.37%) to close at 46,315.27, a new all-time high. The S&P 500 also reached a record, climbing 0.49% to settle at 6,664.36, while the tech-heavy Nasdaq Composite advanced 0.72%, closing at 22,631.48.
However, the small-cap Russell 2000 bucked the trend, dipping 0.7% and relinquishing some of its earlier gains after hitting a new record high during the session. Despite this minor setback, the index still enjoyed a strong week, reflecting the overall market positivity.
Apple Inc. led the charge, with its shares rising 3.2% following the global launch of its newest iPhone. Tesla also saw notable gains, with its stock price increasing by over 2.2%. This positive momentum propelled the S&P 500 and Dow to weekly gains of 1.2% and 1%, respectively, while the Nasdaq experienced a more substantial 2.2% increase. The Russell 2000 also recorded a notable 2.2% weekly jump, marking its seventh consecutive week of gains.
The market's robust performance this week followed the Fed's reduction of its benchmark overnight lending rate by a quarter percentage point—its first rate cut since December. While anticipated by many, the move, characterized by Fed Chair Jerome Powell as a "risk management cut," initially caused market volatility.
Market analysts offered varying perspectives on the continued upward trend. Mark Hackett, chief market strategist at Nationwide, noted the defiance of historical September pullbacks, with the market climbing 35% since March. However, he cautioned that with the S&P 500 trading at 22 times forward earnings and suppressed volatility, a period of consolidation or choppiness would be a healthy development.
The positive market sentiment extended beyond major indexes. The VanEck Uranium and Nuclear ETF (NLR) reached new all-time highs, surpassing its previous record from October 2017. The fund experienced a more than 5% surge in afternoon trading, putting it on track for its best weekly performance since 2020, with a nearly 12% increase.
UBS predicted further upward movement, citing the Fed's easing cycle in a non-recessionary environment as historically supportive of stocks. They anticipate continued gains driven by artificial intelligence (AI), robust earnings reports, and healthy consumer spending. This optimistic forecast followed a record-breaking Thursday for all three major averages.
Individual company performances reflected the broader market trends. ASML, a semiconductor equipment manufacturer, saw shares rise over 1% following a Bank of America price target increase, spurred by the recent Intel-Nvidia deal. Conversely, United Parcel Service (UPS) experienced a downgrade from BMO Capital Markets, citing persistent macro challenges and lagging cost reductions compared to revenue declines. The Russell 2000's record high on Thursday also marked the end of a lengthy streak without a new closing high, underscoring the week's market momentum.
After-hours trading showcased further divergence: FedEx shares jumped 5.8% on better-than-expected first-quarter earnings, while Scholastic fell 11% due to wider-than-expected losses. The overall market mood, however, remained overwhelmingly positive, indicating continued confidence despite potential underlying economic uncertainties.
---
Originally published at: https://www.cnbc.com/2025/09/18/stock-market-today-live-updates.html
