S&P Enjoys Best Week Since November
January 17,2025 04:27 pm EST
Stocks climbed Friday, as Wall Street looks complete its first weekly gain of the new year.
The Dow Jones Industrials bounced 334.70 points to 43,487.83
The S&P 500 took on 59.32 points, or 1%, to 5,996.66
The NASDAQ Composite hiked 291.81 points, or 1.5%, to 19,630.20.
Big tech stocks were higher on the day, with shares of Tesla popping 4.7%. Chipmaking giant Nvidia jumped 3.1%, while Alphabet shares added more than 1%.
For the week, the Dow grew 3.8% and S&P 500 was up 3.1%, putting them on pace for their biggest weekly advance since the week of the U.S. presidential election in November. The NASDAQ, up 2.6% 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.
Shares of Goldman Sachs and Citigroup are up more than 10% each on the week, while JPMorgan Chase and Goldman Sachs have popped 6% and 8.5%, respectively.
Markets in the U.S. will be shuttered Monday for Martin Luther King Day.
Prices for the 10-year Treasury nicked up, dropping yields to 4.61% from Thursday's 4.62%. Treasury prices and yields move in opposite directions.
Oil prices declined 69 cents to $77.99 U.S. a barrel.
Prices for gold retreated $12.00 an ounce to $2,738.990 U.S.
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