A rally in the world’s largest technology companies lifted stocks, with Wall Street also breathing a sigh of relief after the recent economic data did not further erode the case for rate cuts this year.
Equities extended this week’s advance after Microsoft Corp. and Google’s parent Alphabet Inc. sent a clear message to investors: Our spending on artificial intelligence and cloud computing is paying off. That came as a positive signal for many traders wondering whether the main engine of the bull market in stocks would be able to live up to the high bar set for the industry.
