05:07 PM EDT, 09/19/2025 (MT Newswires) -- US equity benchmarks rose to fresh record highs on Friday, adding to Wall Street's weekly gains.

The Nasdaq Composite climbed 0.7% to 22,631.5, the S&P 500 advanced 0.5% to 6,664.4, and the Dow Jones Industrial Average rose 0.4% to 46,315.3 -- posting record closing highs for a second day in a row. Most sector ended in the green, led by technology, while energy saw the biggest drop.

The Nasdaq and the S&P 500 logged third consecutive weekly gains, rising by 2.2% and 1.2%, respectively. The Dow gained 1% to post its second straight weekly advance.

The Federal Reserve's 25-basis-point interest rate cut on Wednesday was the main event this week, though "there was a sprinkling of high-profile stock specific news too," including Nvidia ( NVDA ) taking a $5 billion stake in Intel ( INTC ) amid plans to co-design chips, Saxo Bank said in a report.

The Fed has signaled more rate cuts later this year amid increasing risks to employment.

"Lower borrowing costs are another tailwind for business spending that's already being propelled by (artificial intelligence) demands," said Sal Guatieri, senior economist at BMO Capital Markets.

President Donald Trump said Friday he had "a very productive call" with his Chinese counterpart, Xi Jinping.

"We made progress on many very important issues including trade, fentanyl, the need to bring the war between Russia and Ukraine to an end, and the approval of the TikTok deal," Trump wrote in a social media post.

While the two leaders made substantial progress toward a deal for TikTok, they were unable to come to a final agreement for the short-video app, CNBC reported, citing a White House official.

Beijing issued a statement that did not sound as upbeat as Trump regarding TikTok.

"China's position on the TikTok issue is clear: the Chinese government respects the will of companies and is pleased to see companies conduct business negotiations on the basis of market rules and reach solutions that comply with Chinese laws and regulations and balance interests," according to a translated readout from China's Xinhua, as reported by CNBC. "We hope the US side will provide an open, fair, and non-discriminatory business environment for Chinese companies investing in the United States."

Earlier this week, Reuters reported that US and Chinese officials had reached a framework to switch TikTok to US-controlled ownership that was expected to be confirmed during Friday's call between Trump and Xi.

US Treasury yields were higher, with the 10-year rate rising 2.6 basis points to 4.13% and the two-year rate adding 0.6 basis point to 3.56%.

In company news, Apple ( AAPL ) shares were up 3.2%, the second-best performer on the Dow. Sales of the tech giant's iPhone 17 have opened to strong demand for the Pro models, media outlets reported.

FedEx ( FDX ) shares rose 2.3%. The parcel delivery giant late Thursday logged fiscal first-quarter results that rose more than expected, buoyed by domestic package revenue gains and cost reductions.

Lennar ( LEN ) shares were down 4.2%, among the steepest drops on the S&P 500. The homebuilder late Thursday issued a fiscal fourth-quarter delivery outlook below market estimates, while it recorded weaker-than-expected results in the prior three-month period amid persistent housing market challenges.

West Texas Intermediate crude oil was down 1.4% at $62.71 a barrel in Friday late-afternoon trade.

On Thursday, Trump reportedly said that Russia's war in Ukraine would end if oil prices fall.

"On the other hand, upside risks for oil continue following the recent attacks on Russian energy infrastructure by Ukraine," ING Head of Commodities Strategy Warren Patterson said in a report published Friday.

Gold was up 1% at $3,716 per troy ounce, while silver jumped 2.8% to $43.29 per ounce.