Wall Street hits record high, approaches weekly gains

US stock indexes rose during Friday’s trading to record levels in light of demand for the technology sector following the Federal Reserve’s decision on interest rates.

Neel Kashkari, president of the Federal Reserve in Minneapolis, praised the central bank’s decision issued this week to cut the interest rate by 25 basis points, and he sees that a cut at the same pace in the last two meetings of this year will be appropriate.

James Bullard, former Fed member, said that the decision to cut the interest rate by 25 basis points is a good step, and he expects two other cuts with a total of 50 basis points before the end of the current year.

On the trading front, the Dow Jones Industrial Average rose by 0.1% (equivalent to 33 points) to 46,176 points as of 16:06 GMT, the broader S&P 500 index rose by 0.1% (equivalent to 5 points) to 6,637 points, while the Nasdaq Composite index rose by 0.2% (equivalent to 57 points) to 22,526 points.