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US stocks were on course for their best week in a year on Friday following a frenzied rally sparked by Donald Trump’s sweeping election victory.
The S&P 500 was up 0.4 per cent at 5,998 by early afternoon in New York, falling back slightly after breaking through 6,000 for the first time. Since Monday, the index has gained 4.7 per cent.
“Markets got a boost from a Trump victory then another jolt from the Fed this week,” said Scott Chronert, US equity strategist at Citigroup.
Wednesday’s 2.5 per cent jump was the S&P’s best day in more than two years. On Thursday, the Federal Reserve cut interest rates by a quarter-point.
Sebastien Page, head of global multi-asset and chief investment officer at T Rowe Price, said there was an element of a relief rally this week following the election.
“That’s a big part…
