Tech Stocks Propel Wall Street Amid Global Uncertainties

Tech stocks lifted Wall Street to a strong close, with notable gains in indexes despite mixed earnings reports. The surge came as investors reacted positively to solid Netflix results, Beijing's demand-boosting policies, and historic gold prices as uncertainties linger globally.

Wall Street experienced an uplift on Friday, thanks to tech stocks which powered major indexes despite a mixture of earnings results. Investors shifted focus towards Netflix's encouraging performance and measures by Beijing to stimulate Chinese demand, overshadowing any uncertainties posed by the U.S. election.

Gold prices surpassed $2,700 for the first time, a testament to its status as a safe-haven asset during these uncertain times, noted Greg Bassuk, CEO of AXS Investments. The consistent strength in tech-related megacap momentum stocks saw the Nasdaq leading the gains, while the S&P 500 and Dow set record closing highs.

Friday's rally capped off a week in which Wall Street indexes notched their sixth consecutive week of gains, the longest streak since late 2023. Meanwhile, treasuries and crude oil markets reacted to global economic shifts, as investor sentiment remained buoyed by central bank actions and geopolitical developments.

(With inputs from agencies.)