The Nasdaq and S&P 500 had their best week since November as Google joined the $2 trillion club
It was a strong day for all three major U.S. stock indexes after a big selloff the day before . Google parent Alphabet crossed the $2 trillion threshold for market capitalization on Friday.
On the macroeconomic level, the Personal Consumption Expenditures index accelerated in March to 2.7%, up from 2.5% in February. The PCE price index is a closely watched inflation gauge favored by the Federal Reserve that excludes food and energy.
There seems to be less hope for significant interest rate cuts as inflation stays elevated above the Fed’s target of 2%. The central bank has hiked interest rates 11 times since 2022.
The Dow Jones Industrial Average rose 153 points, or 0.4%, to 38,239 as the day ended. By closing time, the S&P and Nasdaq had their best weeks since November, gaining 1% and 2%, respectively.
Google parent Alphabet crossed the $2 trillion threshold for market capitalization on Friday, thanks to a stock surge powered partly by its work with generative artificial intelligence .
