FedEx, Newmont help boost latest record-setting week

MARKET ROUNDUP

- BY STAN CHOE

Wall Street tacked on more gains Friday as it glided to the finish of its latest record-setting week.

The Standard & Poor's 500 index rose 0.5% to close out its sixth winning week in the last seven. The Dow Jones industrial average added 172 points, or 0.4%, and the Nasdaq composite climbed 0.7%.

All three hit all-time highs for a second straight day. They've been rallying on expectations that the Federal Reserve will continue to cut interest rates in order to give the economy a boost after the central bank lowered them for the first time this year on Wednesday.

FedEx helped lift the market after delivering stronger profit and revenue for the latest quarter than analysts expected. It rose 2.3%, thanks in part to strength for its domestic package business.

Newmont rallied 4.3% after the gold miner sold its investment in Canada’s Orla Mining for $439 million. It added to a stellar run, and Newmont’s stock has more than doubled so far this year as the price of gold has shot to records.