Market cap bubble in US economy hit 5-year high, economy expands 1.5%
US stock market indexes rose more than 1% on Friday in their biggest gain since January, boosted by a rebound in home prices and consumer spending.
The Dow Jones industrial average gained about 1,000 points, or 0.5%, to 22,818.27, the S&P 500 gained about 0.3% to 2,087.09, and the Nasdaq Composite rose 0.6% to 5,845.55.
The U.S. economy expanded 1.3%, which was its fastest pace in five months.
Economists polled by Reuters had expected an expansion of just 0.2% to 1.7%.
The Federal Reserve raised its benchmark interest rate for the first time in two months and is expected to increase it again soon, while the European Central Bank is set to increase its benchmark lending rate as well.
The Federal Communications Commission on Friday announced a series of measures that could give the Federal Communications Board (FCC) greater leeway to block internet service providers (ISPs) from slowing the internet, a move that could allow companies to charge customers higher prices for content.
The FCC said the measure could make it easier for consumers to access the internet.
The FCC is considering proposals to limit the use of broadband internet access and block providers that have slow speeds, the FCC said in a statement.
It is expected that the FCC will take action on net neutrality by the end of this year, which would prohibit internet service from blocking or slowing access to content.
An FCC official said the agency was still evaluating how the measure would affect broadband providers.