Dow Spikes 300+, Set for Best Since November
January 17,2025 10:39 am EST
Stocks climbed Friday, as Wall Street looks complete its first weekly gain of the new year.
The Dow Jones Industrials bounced 312.31 points to 43,465.41
The S&P 500 took on 46.69 points to 5,984.03
The NASDAQ Composite hiked 222.45 points, or 1.1%, to 19,560.74.
Big tech stocks were also higher on the day, with shares of Tesla popping 3%. Chipmaking giant Nvidia jumped 2%, while Meta Platforms and 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 jumped 6% and Goldman Sachs have popped 8.5%.
For the week, the Dow and S&P 500 are up 3.6% and 2.7%, respectively. 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 2.4% 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 gained ground, lowering yields to 4.59% from Thursday's 4.62%. Treasury prices and yields move in opposite directions.
Oil prices declined 59 cents to $78.17 U.S. a barrel.
Prices for gold dipped $4.50 an ounce to $2,746,40 U.S.
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