US stocks ended a strong week on a high Friday, as bullish bets on stocks continued just days ahead of President-elect Donald Trump inauguration on Monday, which marks the transfer of presidential power.
US stocks were broadly positive overnight, however the MAG7 concentration worked against the indices to see the market give up that early strength and close lower
Stocks surged on Wednesday after December’s consumer price index (CPI) report showed core inflation unexpectedly eased, while major U.S. banks posted robust quarterly earnings.
The Dow Jones Industrial Average jumped 703.27 points (1.65%) to 43,221.55, the S&P 500 rose 1.83% to 5,949.91, and the Nasdaq Composite climbed 2.45% to 19,511.23—the best session for all three indices since November 6.
Stocks fell overnight, giving back early gains on cooler than expected inflation data, as profit taking continued in the Mega-cap “Magnificent 7” stocks
Stocks closed higher after cutting losses Monday as a jump in cyclical stocks including energy helped offset a rotation out of growth stocks including tech amid growing worries about a Federal Reserve pause just days ahead of key inflation data.
Stocks fell sharply Friday, after a stronger-than-expected jobs report for December stoked fears of a prolonged Federal Reserve pause on rate cuts, sending Treasury yields sharply higher.
The US stock market was closed overnight due to President Carters state funeral, while Wildfires in LA escalated with damages estimated at $20B
Stocks hovered around the flatline Wednesday as technology continued to pressure the broader market lower, while the Federal Reserve’s December meeting minutes signal a slower pace of rate cuts ahead.
Equities closed sharply lower Tuesday, as tech was hurt by rising Treasury yields after economic data flagged concerns about stickier inflation, reining in bets of further Federal Reserve rate cuts.
The rally was primarily driven by semiconductor stocks and communication services, with most other S&P 500 sectors ending lower.
Stocks closed higher on Friday, ending the first week of the new year on a positive note ahead of data that should provide more insights on the health of the largest economy in the world.
Equities were mixed overnight, supported by rallies in megacap stocks like Nvidia and Broadcom on Wall Street. The S&P 500 and Nasdaq saw gains, while the Dow Jones Industrial Average experienced a slight decline.
