New Zealand's benchmark S&P/NZX 50 index rose 0.7% to close at 13,224 on Friday, extending gains from the previous session to reach its highest level in two weeks. The local bourse tracked Wall Street’s rally overnight, as traders cemented bets for the Federal Reserve to cut rates this month after US data showed initial jobless claims rose more than expected last week, showing further signs of a weakening labor market. Investor focus now turns to the US non-farm payrolls report due later today, which could offer more clarity on the Fed's policy outlook. On the local front, most large-cap stocks ended in the green, with strong performances from Fisher & Paykel (+2.05%), Infratil (+2.4%), and Mercury NZ (+2.0%). For the week, the NZX 50 surged 2.3%, marking its biggest weekly gain since late April.