Stocks extended their November rally, propelled by a surge in technology titans, a relatively calm session for bonds, and no major surprises from Federal Reserve speakers.
A rebound in the S&P 500's most influential group lifted the index above its key 4,400 level and the 100-day moving average, both of which are regarded as bullish signals by many chartists. The American equity index reached a seven-week high. The Nasdaq 100 gained more than 2%, with Microsoft setting a new high and Nvidia extending gains for the eighth straight session.
Equities have risen this month as bond yields have fallen on bets that interest rates have peaked. Traders have pushed the market higher despite inflation concerns, gloomy corporate outlooks, and the latest geopolitical developments.
Stocks rose on Friday due to a calmer session in the Treasury market. Ten-year yields were little changed after rising due to a weak 30-year bond sale and Jerome Powell's "sterner" tone on policy.
Wall Street was watching the latest comments from officials, with Fed Bank of Atlanta President Bostic saying policymakers can return inflation to their target without needing to hike further. His San Francisco counterpart, Daly, said the Fed may need to raise rates again if inflation progress slows while the economy accelerates.