Optimism that the US is moving swiftly to secure trade deals with its key partners, and that Republicans are set to approve US President Donald Trump’s key tax bill soon, helped propel Wall Street to record highs in its final session of the week.
The advance on Friday (Saturday AEST) capped a week that saw a cooling in Middle East risks and signs the US economy is holding up amid subdued inflation. A rally in Treasuries stalled. The US dollar advanced.
A surge in equities after April’s tariff-fuelled meltdown drove the S&P 500 Index to its first record since February, with the gauge topping 6170. Technology megacaps lead gains, with Nvidia rising 1.8 per cent and lifting its market cap to around $US3.9 trillion ($6 trillion).
Source: https://www.afr.com/markets/equity-markets/s-and-p-500-nasdaq-reset-record-highs-on-trade-optimism-20250628-p5may5