Wall Street’s main indexes hit record highs for the second consecutive day, fueled by FedEx’s positive earnings. The S&P 500 and Nasdaq saw gains for the third straight week following the Federal Reserve’s rate cut. Trading volume surged to its highest level since April amid market volatility.

FedEx shares rose 2.3% on strong quarterly results, while Apple climbed 3.2% after a price target raise from J.P. Morgan. The S&P 500 tech sector also saw gains from Palantir Technologies and Oracle. Energy stocks were a drag as seven of the 11 S&P sectors rose.

The Dow Jones, S&P 500, and Nasdaq closed higher, with the S&P gaining 1.2% for the week. The Russell 2000 index dropped despite hitting an intraday record high. Small caps are benefiting from lower interest rates, according to experts.

Trump and Xi Jinping discussed progress on a TikTok deal, planning a face-to-face meeting in South Korea. The Senate blocked a funding bill, raising the risk of a government shutdown. Wall Street remains positive in September, historically a challenging month for U.S. equities.

Lennar fell 4.2% after lower profits, while Paramount Skydance surged 5.9% on potential bid details for Warner Bros Discovery. Declining issues surpassed advancers on the NYSE and Nasdaq. The S&P 500 saw new highs and lows, with the Nasdaq recording 151 new highs.

Read more at Yahoo Finance: Three major indexes notch record closing highs for second day; volume jumps