US equity indexes displayed a remarkable rise in midday trading on Friday, bolstered by a decreased risk of a government shutdown. This optimism followed a statement from Senate Democratic Leader Chuck Schumer, indicating his support for a Republican-backed stopgap funding bill aimed at averting fiscal chaos.
The Nasdaq Composite witnessed a significant advancement of 2.3%, reaching 17,698.8, while the S&P 500 climbed 1.8% to settle at 5,623.1. The Dow Jones Industrial Average also showed a notable increase of 1.4%, concluding the session at 41,399.7. All sectors experienced gains throughout the trading day, with technology and energy sectors leading the pack.
In a related note, gold prices reached an astonishing $3,000 per ounce mark for the first time, although it slightly dipped to $2,994.9 an ounce later, marking a 0.1% uptick. Conversely, silver saw a minor decline of 0.1%, falling to $34.26 per ounce. On the economic front, a report from the University of Michigan revealed that the preliminary consumer sentiment index plummeted to 57.9 in March, down from 64.7 in February.
This decline was sharper than anticipated, with many expecting only a slight decrease to 63.0 as indicated by a Bloomberg survey. In company-specific developments, Rubrik's ($RBRK) shares surged a remarkable 25% during Friday's trading session after the company released its fiscal Q4 results, alongside robust guidance for fiscal Q1 and the entire year of 2026 that exceeded market expectations.
On a different note, the Danish pension fund AkademikerPension announced its decision to remove Tesla ($TSLA) from its investment portfolio, citing concerns related to the company’s stance on labor rights, board independence issues, and CEO Elon Musk's controversial geopolitical engagements. Tesla’s shares managed to rally over 3% despite this news.
In terms of government bonds, the US 10-year Treasury yield experienced a rise of 3.4 basis points, setting it at 4.31%. Meanwhile, the two-year rate rose by 5.6 basis points to 4.01%. The US Dollar Index also saw a slight decrease, dipping 0.1% to 103.78, while West Texas Intermediate crude oil saw a price increase, rising 0.7% and reaching $67.03 per barrel..