US equities rallied to fresh highs following Fed Chair Jerome Powell’s remarks regarding the support of gradual approach to raising interest rates.
The US major stock indices, the S&P 500 and the Nasdaq Composite index, again reached record highs. The S&P 500 went up by 0.9% in the week, while the Nasdaq Composite added 1.7%, and Dow Jones rose by 0.5%. The Dow Jones Industrial Average rose by 0.52% to settle at 25,790.35. The S&P 500 increased by 0.62% to 2,744.69, while the Nasdaq climbed by 0.86% to 7,945.98.
In addition to the Federal Reserve chairman’s statements, welcomed by market players, strong corporate reports backed US stocks.
Shares of Autodesk Inc., the largest software manufacturer, went up by 15%. The company's financial results for the second quarter of 2018 exceeded expectations. Meanwhile, Netflix Inc.'s shares, a popular streaming video service, rose by 5.8% after analysts raised their outlook. Shares of Spectra Energy, a leading US energy producer, advanced by 3.6%.
