Stocks rose Friday, building on a winning session that pushed indexes to fresh records after the Federal Reserve’s interest rate cut boosted investor confidence.
The Dow Jones Industrial Average added 98 points, or 0.2 percent.
The S&P 500 and Nasdaq Composite each advanced 0.2 percent and 0.3 percent, respectively, while the small-cap Russell 2000 rose 0.1 percent to notch a new record.
Major indexes were on track for strong weekly performances. The S&P 500 and Dow are up 0.9 percent and 0.8 percent this week, while the Nasdaq has gained 1.8 percent.
The Russell 2000 has outperformed, advancing 3 percent and on course for its seventh straight weekly increase.
The rally followed the Fed’s decision to lower its benchmark overnight lending rate by a quarter percentage point, its first cut since December.
Although widely anticipated, markets initially reacted with volatility after Fed Chair Jerome Powell described the move as a “risk management cut” during his press conference.
SEC to consider semiannual earnings reporting
Paul Atkins, chairman of the US Securities and Exchange Commission, said Friday the agency will put forward a rule change to allow companies to shift from quarterly to semiannual earnings reporting, echoing President Donald Trump’s recent call.
“I welcome that posting by the president, and I have talked to him about it,” Atkins said in an interview with CNBC’s Squawk Box.
“In principle, I think to propose change in what our rules are now, I think would be a good way forward, and then we’ll consider that and move forward after that.”
Atkins said the proposal, if approved, would leave it to companies to decide whether to adopt semiannual reporting or continue with the quarterly model.
“For the sake of shareholders and public companies, the market can decide what the proper cadence is,” he added.
Currently, publicly traded firms are required to report earnings every quarter, though issuing forecasts is optional.
Earlier this week, Trump argued that switching to a six-month schedule would “save money, and allow managers to focus on properly running their companies.”
The SEC can implement such a change through a majority vote.
Republicans currently hold a 3-1 advantage on the commission, with one seat vacant.
Trump Administration considers $550 billion industrial fund
The Trump administration is exploring a plan to channel money from a $550 billion investment fund into US factory construction and infrastructure projects, the Wall Street Journal reported Friday.
The initiative would prioritise sectors such as semiconductors and critical minerals, according to the report, which cited documents and people familiar with the discussions.
The administration is weighing granting leases that would provide companies with access to federal land and water, the report said.
The fund was established as part of trade negotiations with Japan.
If implemented, the plan would mark a significant expansion of President Trump’s strategy to exert influence over the private sector and direct investment into strategically important industries.
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