S&P Aims for 2nd Weekly Record
January 24,2025 10:29 am EST
The S&P 500 flirted with new records on Friday as optimism around the start of President Donald Trump's term continued.
The Dow Jones Industrials waned 106.77 points to begin Friday at 44,458.30.
The much-broader index 4.7 points to 6,114.19.
The NASDAQ Composite lost 21.53 points to 20,032.15.
Novo Nordisk rallied more than 7% following positive early-stage results for a weight-loss drug. Texas Instruments, on the other hand, slid more than 4% on weak earnings guidance.
Excitement toward Trump's pro-business policies pushed risk assets higher this week with investors focused on his inauguration. Traders were also relieved that there have only been threats on the tariff front from Trump — instead of formal action — during his first few days in the White House.
All three major averages are on track to post their second positive week, signaling the bull market is back in full force after December's pullback. All three indexes have added more than 2% week to date, a second straight week with gains of that size.
Friday's action comes after Trump said on Thursday that he would “demand that interest rates drop immediately” when addressing world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.
Prices for the 10-year Treasury gained ground, lowering yields to 4.63% from Thursday's 4.65%. Treasury prices and yields move in opposite directions.
Oil prices dropped 29 cents to $74.33 U.S. a barrel.
Prices for gold restrengthened $25.80 an ounce to $2,790.80 U.S.
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