NEW YORK, Sept. 13 (Xinhua) -- U.S. stocks ended higher on Friday, as Wall Street's expectations for a sizable interest rate cut by the Federal Reserve increased dramatically overnight, fueling the market's positive sentiment.
The Dow Jones Industrial Average rose 297.01 points, or 0.72 percent, to 41,393.78. The S&P 500 added 30.26 points, or 0.54 percent, to 5,626.02. The Nasdaq Composite Index increased 114.30 points, or 0.65 percent, to 17,683.98.
All of the 11 primary S&P 500 sectors ended in green, with utilities and communication services leading the gainers by adding 1.41 percent and 1.02 percent, respectively. Health posted the weakest growth, up by 0.19 percent.
The likelihood of the Fed initiating its rate-cutting cycle next week with a 0.5-percentage-point reduction has surged.
Recent trading in interest-rate futures has suggested a 49 percent chance of the Fed lowering rates to a range of 4.75 percent to 5 percent, according to the CME FedWatch tool. This is a significant increase from a 28 percent chance on Thursday and just 14 percent on Wednesday, reflecting a shift in market expectations.
In the stock market, Adobe shares fell in afternoon trading after the company's outlook showed little immediate benefit from its AI initiatives.
On the other hand, Oracle stock continued its rise, supported by a bullish forecast predicting a surge in revenue over the next five years, driven by strong cloud demand.
Meanwhile, Boeing shares slipped as factory workers went on strike, halting production at the company's largest manufacturing hub in Seattle.
