The new month began on a positive note with the Nasdaq Composite Index hitting a new intraday high on Friday as tech groups made strides.
The tech stock ratio rose 1.3%, surpassing the last record set at the end of 2021. Chipmaker Nvidia rose 3.8%, leading five of the seven Magnificent Seven stocks in mid-afternoon New York trading.
Wall Street’s benchmark S&P 500 index rose 0.8% and is on track to end at a new record high, the latest of several new highs in recent weeks.
Meanwhile, the yield on two-year US Treasuries, which is sensitive to policy, fell 0.11 percentage points to 4.53% due to the sharp rise in bond prices.
The move comes after Federal Reserve President Christopher Waller said he wanted the central bank to expand its holdings of short-term Treasury bills, and after February’s data on consumer sentiment and manufacturing activity This came as expectations for interest rate cuts rose due to weak statistics. .
