STORY: U.S. stocks ended higher on Friday, with the Dow adding nearly half a percent, the S&P 500 climbing more than three-quarters of a percent, and the Nasdaq gaining one percent to notch a record closing high for the second straight day.
The three major indexes registered solid gains for the week, notes Steven Schoenfeld, CEO of MarketVector Indexes.
“It's a combination of some geopolitical hopes – the fact that the President is going to meet with [Russian President Vladimir] Putin very near term is giving some hope of relaxation of geopolitical tensions – earnings continue to be strong, and the hope for lower interest rates.”
Stocks on the move included Apple, which rose more than 4% Friday and was up over 13% for the week, it's biggest weekly percentage gain since 2020.
Also helping the S&P 500 were shares of Gilead Sciences, which jumped more than 8% after the biopharmaceutical company raised its full-year financial outlook.
And shares of Expedia rose more than 4% after the online travel agent raised its annual forecast for gross bookings and revenue growth.
Inflation will be in focus next week, which could serve as a test for the stock market rally.
The monthly U.S. consumer price index report is due on Tuesday, and some investors say equities could be set for a pullback depending on what it reveals.
