Nasdaq Surges to Record Highs, Defying Fed's Cooling Bets

The Dow and Nasdaq closed at record highs on Friday, driven by optimism for rate cuts next year despite New York Fed President John Williams cautioning against premature rate cuts. Costco's stock rose after the retailer reported better-than-expected sales and profit, while Lennar Corporation's shares fell due to margin guidance concerns. DocuSign saw a surge in its stock price following reports of a potential sale, and Darden Restaurants reported Q2 results that beat estimates but fell short on full-year sales guidance. Crude oil prices ended the week with their first gain in two months.