Wall Street Rides High on Fed's Rate Cut and Robust Earnings

Wall Street's key indexes reached record highs, driven by FedEx's strong earnings and the Federal Reserve’s rate cut. The S&P 500 and Nasdaq extended their weekly gains, buoyed by tech sector performance. Market volume spiked, with significant shifts influenced by U.S.-China trade discussions and potential government actions.

Wall Street's major indexes soared to new heights on Friday, recording their highest closings for the second consecutive day. The rally was fueled by FedEx's robust earnings report and the Federal Reserve's first rate cut of 2025 announced earlier this week.

The S&P 500 and Nasdaq continued their winning streaks, bolstered by strong showings from companies like Apple, Palantir Technologies, and Oracle. The trading volume was notably high, reaching 27.78 billion shares, as investors responded to various economic signals and geopolitical developments.

While tech stocks boosted overall performance, energy stocks lagged. Meanwhile, negotiations between U.S. President Trump and China's Xi Jinping on a potential TikTok deal added a layer of intrigue. However, the Senate's block on a funding bill raised the specter of a government shutdown.

(With inputs from agencies.)