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[hfe_template id='11223'] [ad_1] Wall Street stocks rallied on Friday, with the S&P 500 and Dow Jones Industrial Average hitting record highs on optimism that the Federal Reserve will begin cutting U.S. interest rates in September, while big lenders fell after reporting mixed results. Some of the market's most valuable companies bounced back after dipping in the previous session, with Apple climbing 2% and Nvidia adding almost 3%. JPMorgan Chase's second-quarter profit was lifted by rising investment banking fees. However, shares of the world's largest bank dipped almost 1%, cutting their gain in 2024 to about 21%. Wells Fargo tumbled nearly 6% after the lender missed estimates for quarterly interest income, while Citigroup fell 2% despite reporting a surge in investment banking revenue. The S&P 500 banks index lost 1%.The small-cap Russell 2000 rallied for a third straight day, jumping 1.4% to its highest since 2022, while the S&P 400 Mid Cap ind...

[hfe_template id='11223'] [ad_1] The tech-heavy Nasdaq and the benchmark S&P 500 jumped to record highs on Friday, as most megacap stocks hit all-time highs following latest data that signaled U.S. labor market weakness and pulled Treasury yields lower. Microsoft, Meta Platforms, Amazon.com and Apple advanced 1%-4% to hit record highs. This pushed information technology to an all-time high, and prompted the S&P 500 communication services to emerge as the top sector performer, rising 2.1% to its highest level since 2000. Labor Department data showed U.S. job growth slowed marginally in June, and the unemployment rate rose to an over 2-1/2-year high, while wage gains slipped. The data supported the easing labor market narrative, following ADP Employment report and jobless claims earlier this week, giving a fresh boost to bets of a September interest rate cut.Investors expect the data could open the path to a more active debate on interest-rate cuts when the Federal...