The major U.S. stock indexes alternated between small daily gains and losses before staging a modest rally on Friday to end with fractional gains for the week. It was enough to push the S&P 500 and the Dow just above the record highs they set the previous week, while the NASDAQ ended just 2.7% below the record high that it set three months ago.

U.S. equities maintained their upward momentum last week with support from healthy economic data and continued moderation in inflation readings. The S&P 500 and Dow Jones each gained 0.6% for the week, while the Nasdaq Composite rose 1.0%.

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Stock markets gained for the second week in a row with the Fed’s first rate cut since 2020 and strong manufacturing numbers. The S&P 500 gained 1.39% for the week, hitting its 39th all-time high of 2024.

U.S. equity markets closed out Friday with the highest weekly return of 2024 following the worst loss on the year in the week prior. The rebound was supported by a recovery in AI enthusiasm that boosted tech stocks as well as the release of inflation data that reinforced expectations for the Federal Reserve to start cutting interest rates at this week’s meeting.