The S&P 500 clung to its newly minted bull-market status on Friday as gains in technology shares wavered ahead of the Federal Reserve's decision on interest rates next week.
The benchmark index added 0.2% after tech and megacap shares primarily drove midday gains, with Tesla Inc. up 5.7% after General Motors Co. announced it's joining the company's charging network. Netflix Inc. rose 2.6% on a report the streaming-service provider added US subscribers after cracking down on password sharing. And Adobe Inc. gained another 4.2% amid the frenzy in stocks linked to artificial intelligence.
The S&P 500 has now surpassed a 20% gain from an October low, a common marker of a bull market, after recent gains in technology stocks. However, analysts have warned the rally could stall ahead of next week's interest-rate decisions from the Fed and the European Central Bank. Unexpected hikes from two central banks this week have raised speculation that policymakers may have to keep rates higher for longer. Meanwhile, US data pointing to a cooling labor market has supported the consensus view that the Fed is likely to pause.
The S&P 500 rose 0.2% as of 11:53 a.m. New York time
The Nasdaq 100 rose 0.5%
The Dow Jones Industrial Average was little changed
Source : Bloomberg
