Dow Spikes 300+, Set for Best Since November
January 17,2025 12:22 pm EST
Stocks climbed Friday, as Wall Street looks complete its first weekly gain of the new year.
The Dow Jones Industrials bounced 450.10 points, or 1%, to 43,603.23
The S&P 500 took on 70.45 points, or 1.2%, to 6,007.79
The NASDAQ Composite hiked 312.82 points, or 1.6%, to 19,651.11.
Big tech stocks were also higher on the day, with shares of Tesla popping 4.6%. Chipmaking giant Nvidia jumped 3.2%, while Alphabet shares added more than 1% each.
Strong earnings from major banks also boosted stocks this week, as they tried to shake off December doldrums that carried over into the start of 2025. Shares of Goldman Sachs and Citigroup are up more than 10% each on the week, while JPMorgan Chase spiked 6% and Goldman
Sachs has popped 8.5%.
For the week, the Dow is up 3.9%, and S&P 500 progressed 3%, That puts them on pace for their biggest weekly advance since the week of the U.S. presidential election in November. The NASDAQ Composite, up 2.5% week to date, is headed for its best one-week performance since early December.
Those gains come after investors received back-to-back reports showing inflationary pressures softening somewhat. The core consumer price index rose less than expected year on year, and the producer price index also had a smaller-than-anticipated increase for December.
Prices for the 10-year Treasury sagged, raising yields to Thursday's 4.62%. Treasury prices and yields move in opposite directions.
Oil prices declined 30 cents to $78.38 U.S. a barrel.
Prices for gold regrouped six dollars an ounce to $2,756,90 U.S.
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