In the U.S. stock market, the Dow Jones Industrial Average once surged nearly 2%, ultimately closing up 493 points. Alphabet rose 3%, reaching a new high

New York Federal Reserve Bank President Williams hinted at a possible interest rate cut again this year, and U.S. stocks opened high and rose on Friday. The Dow Jones Industrial Average soared as much as 825 points or 1.8%, reaching 46,577 points, before the gains retreated, closing up 493 points or 1.1% at 46,245 points; the Nasdaq rose 195 points or 0.9% to close at 22,273 points; the S&P 500 index closed up 64 points or 1% at 6,602 points.

AI stocks weakened, with Oracle (ORCL.US) falling 5.7%, and both Nvidia (NVDA.US) and AMD (AMD.US) repeatedly declining about 1%.

Eli Lilly (LLY.US) rose 1.6% to a new high, with its market capitalization surpassing $1 trillion for the first time. Home Depot (HD.US) and Starbucks (SBUX.US), both potential beneficiaries of interest rate cuts, rose over 3%.

Large tech stocks generally performed well, with Google's Pixel phone breaking Apple's system restrictions, allowing direct file transfers with iPhones using AirDrop. Alphabet (GOOG.US) shares rose 3.3%, closing at $299.65, a new all-time closing high. Apple (AAPL.US) rose 2%, and Meta Platforms (META.US) rose 0.9%. Tesla (TSLA.US) fell 1.1%.

For the week, the Dow Jones and S&P 500 indices fell about 2%; the Nasdaq dropped even more, down 2.7%