S&P, NASDAQ Look to Break 5-Session Slide

January 03,2025 12:06 pm EST

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S&P, NASDAQ Look to Break 5-Session Slide

U.S. stocks moved higher on Friday as Wall Street tried to shake off a volatile start to the new year.

The Dow Jones Industrials barreled ahead 245.85 points to 42,638.12.

The S&P 500 popped 60.61 points, or 1%, to 5,929.16.

The NASDAQ Composite gained 274,88, or 1.4%, to 19,555.67.

Tech stocks were a bright spot for the market on Friday. Chip giant Nvidia climbed more than 3%, while cyber defense name CrowdStrike

added 2.6%. Homebuilder PulteGroup also rose more than 2% to lead the consumer discretionary group.

Stocks are on pace to close out the week with losses even with Friday's gains. The 30-stock Dow and the S&P 500 are lower by around 0.7% each. The NASDAQ Composite has dropped 0.9%.

On the economic data front, the ISM Manufacturing Index came in at 49.3 for December. That is above expectations of 48.0, according to Dow Jones, but is still below the level of 50 that signifies expansion in the sector.

Prices for the 10-year Treasury faded, raising yields to 4.58% from Thursday's 4.56 %. Treasury prices and yields move in opposite directions.

Oil prices hiked 85 cents to $73.98 U.S. a barrel.

Prices for gold declined $14.50 an ounce to $2,654.50 U.S.