US stocks hit record highs, log weekly gains

US stocks rose on Friday, as investor risk appetite improved following the Federal Reserve’s interest rate cut and its signal of two additional cuts this year. This was despite cautious remarks by Fed Chair Jerome Powell regarding labor market weakness.

The Dow Jones Industrial Average climbed 0.37% (172 points) to close at a record 46,315, posting a 1% weekly gain.

The S&P 500 advanced 0.49% (32 points) to 6,664, also ending at an all-time high with a weekly gain of 1.22%.

The Nasdaq Composite rose 0.72% (160 points) to 22,631, marking another record close and boosting its weekly gain to 2.21%.

In Europe, the Stoxx Europe 600 slipped 0.16% to 554, little changed for the week.

Germany’s DAX fell 0.15% to 23,639, the UK’s FTSE 100 edged down 0.12% to 9,216, while France’s CAC 40 held steady at 7,853.

In Japan, the Nikkei 225 lost 0.55% to 45,045 but still posted a 0.60% weekly gain, while the broader Topix fell 0.35% to 3,147, down 0.40% for the week.

As for oil markets, Brent crude futures for November delivery slipped 1.13% (76 cents) to $66.68 a barrel, recording a 0.46% weekly loss.

US WTI crude (Nymex) for October delivery dropped 1.40% (89 cents) to $62.68 a barrel, little changed for the week.

Meanwhile, gold futures for December delivery climbed 0.74% ($27.5) to $3,705.80 an ounce, achieving a 0.52% weekly gain.