Dow jumps more than 250 points as Wall Street looks to wrap a strong week on a high note: Live updates

Stocks traded higher on Friday as Wall Street headed for a strong weekly gain ahead of the upcoming Federal Reserve meeting.

The S&P 500 climbed nearly 0.5%, on track for its fifth straight winning session, while the Dow Jones Industrial Average jumped 289 points, or 0.7%. The tech-heavy Nasdaq Composite added 0.5%.

Investors continued to rake up shares of mega cap tech and semiconductor names, driving this week’s rebound rally after tech’s recent underperformance. Powerhouse chipmakers Super Micro Computer and ARM Holdings added 5.9% and 7%, respectively, while Nvidia also inched up 0.5%. Google added 1.8% and Uber jumped nearly 5%.

“The market is trying for a positive close after what’s been a choppy, yet hopeful, week,” said Quincy Krosby, chief global strategist for LPL Financial.

The S&P 500 and Nasdaq Composite are coming off their fourth straight winning session, adding to their strong week-to-date performances. The broad market index is up 3.6% this week, while the Nasdaq has popped 5.3%. The Dow has advanced 2.3%.

Wall Street is now looking ahead toward the Fed’s policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed’s target rate is sitting at 5.25% to 5.5%.

Economic data reflecting a moderation in inflation also seemed to support the case for a rate cut. The consumer price index in August came in at 2.5% on annualized basis, the lowest level since February 2021. Wholesale prices, meanwhile, rose 0.2% in August, coming in line with expectations.