The US stock market continues to excel with the S&P 500 and Nasdaq closing at record highs, supported by hopes of a trade deal and expectations of an interest rate cut by the Federal Reserve (Fed).
This encouraging market sentiment was also driven by US economic data that supported monetary policy easing.
Although the market was affected by US President Donald Trump's action to end trade talks with Canada in reaction to a digital tax on technology companies, all three major indexes still recorded weekly gains.
Furthermore, the Nasdaq confirmed the entry into the bull market phase after recording the lowest reading on April 8.
Horizon Investment Services CEO Chuck Carlson described the market as strong and stable, stating that investors are now reluctant to miss out on this surge.
The Commerce Department report showed that consumer income and spending shrank in May, but inflation remained above the Fed's 2% target. The market now expects a 76% probability of a rate cut in September.
Washington and Beijing's relations are systematic after both sides agreed to speed up shipments of rare earths from China to the US, thus calming concerns over tariff tensions.
In terms of company performance, Micron shares jumped after positive forecasts in the chip sector, Nvidia rose 1.8% to almost $4 trillion while Nike expanded 15.2% after expectations of a smaller decline in first-quarter revenue.
In addition, the Dow Jones index rose 1.00% to 432.43 points, the S&P 500 increased 0.52% to 32.05 points, while the technology-focused Nasdaq rose 0.52% to 105.55 points.
The increase reflects investor confidence in the economic landscape and the potential for technology growth, making the US market the global focus at the moment.
US stock market turnover recorded $22.07 billion compared to an average of $18.27 billion for 20 full trading days.
