The S&P 500 Index ($SPX) (SPY) Friday closed up +0.38%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.59%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.07%.
Stocks on Friday extended this week’s rally, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 posting new all-time highs. Stocks have rallied sharply this week on speculation President-elect Trump will boost corporate profits through tax cuts and reduced regulation. Also, bond yields on Friday moved lower and supported stocks on carryover support from Thursday when the FOMC cut the federal funds rate target by 25 bp. In addition, Axon Enterprise soared more than +28% after raising its full-year revenue outlook, and Fortinet rallied more than +9% after reporting better-than-expected Q3 adjusted EPS and forecasting full-year adjusted above consensus.
