S&P 500 notches first record high in two years in tech-driven run
CBSN
The stock market rallied to record highs on Friday, with Wall Street buoyed by investor expectations of interest rate cuts ahead by the Federal Reserve and robust corporate profits.
With technology stocks driving early year gains, the S&P 500 rose 1.2% to a record 4,839, sailing above the broad index's prior closing high of 4,796 in January 2022. The Dow Jones Industrial Average surged nearly 400 points, or 1.1%, and the Nasdaq Composite climbed 1.7%.
"When the stock market last peaked, the Fed had yet to begin raising interest rates to combat inflation" Greg McBride, chief financial analyst for Bankrate, said in an email. "In the two years since, we saw the fastest pace of interest rate hikes in 40 years. With inflation now moving back toward the target of 2%, the focus is on when the Fed will begin trimming interest rates."
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Waunakee, Wisconsin — According to many of her senior classmates at Waunakee High School in Waunakee, Wisconsin, 18-year-old Molly Schafer was a loner.
Police on Friday captured one of the New Orleans parish inmates who escaped six weeks ago in a jailbreak Louisiana Gov. Jeff Landry called the worst in recent state history.
Washington — A federal judge on Friday struck down President Trump's executive order that sought to punish the law firm Susman Godfrey, ruling that it is unconstitutional and blocking the administration from enforcing it.
The University of Virginia's president, James E. Ryan, submitted his resignation Friday in an effort to resolve Trump administration demands related to a federal investigation into the school's diversity, equity and inclusion efforts, according to sources familiar with the matter.
Americans are continually encouraged to sock away money in a 401(k) or other retirement plan to ensure a comfortable, if not cushy, life in their later years. Yet about half of all U.S. workers in the private sector lack access to an employer-sponsored retirement plan, a huge obstacle in building enough wealth to retire, a recent study finds.
Family members of the victims of American Airlines flight 5342 — which collided with an Army Black Hawk helicopter outside Washington, D.C., in January — are urging Congress to do more to address the nation's aging air traffic control system.
Washington — Republicans' goal of sending President Trump's "big, beautiful bill" to his desk within the next week appears to be on shaky ground as the legislation runs into obstacles in the Senate, with changes that risk bleeding GOP support in the House.
Washington — Kilmar Abrego Garcia, a Salvadoran man who was mistakenly deported back to his home country and then returned to the U.S. for federal prosecution, may remain in federal custody, after his lawyers and prosecutors sparred over whether he would be deported immediately upon his release while awaiting a criminal trial.
President Trump says he's "terminating all discussions on trade with Canada, effective immediately," after Canada announced a digital services tax on large foreign and domestic technology companies.
The Trump administration will revoke the legal status and work permits of hundreds of thousands of Haitian migrants in early September, arguing that conditions in Haiti have sufficiently improved for them to return home, the Department of Homeland Security announced Friday.
A bison died after it appeared to stumble into a hot spring at Yellowstone National Park last week while visitors looked on.
Defense Secretary Pete Hegseth announced on Friday the new name for the USNS Harvey Milk, a fleet replenishment oiler named after the assassinated gay rights leader and San Francisco politician who served in the U.S. Navy.
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