All three major indexes posted weekly gains, as investors took comfort from data pointing to robust economic activity in the world's biggest economy.
Wall Street closed higher on Friday, with all three major indexes posting weekly gains, as investors took comfort from data pointing to robust economic activity in the world's biggest economy.
A measure of business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump's administration next year.
The domestically focused small-cap Russell 2000 index (.RUT) outperformed large-cap indexes and rose 1.8%. The index advanced 4.3% for the week, closing at its highest in more than a week.
Meanwhile, Alphabet (GOOGL.O) fell 1.7% following Thursday's 4% drop, as the U.S. Department of Justice argued to a judge the company was monopolizing online search.
AI bellwether Nvidia (NVDA.O) also slipped 3.2% in choppy trading following its quarterly forecast on Wednesday.
An index tracking S&P 500 value stocks (.IVX) rose 0.78% as investors rotated out of their growth peers (.IGX).
"I’ve been looking for this leadership change to go from technology to everything else. I think we may be in the midst of that shift. Small caps are acting much better, values are acting better," said Mark Hackett, Chief of Investment Research at Nationwide.
The Dow Jones Industrial Average (.DJI) rose 426.16 points, or 0.97%, to 44,296.51, the S&P 500 (.SPX) gained 20.63 points, or 0.35%, to 5,969.34 and the Nasdaq Composite (.IXIC) gained 31.23 points, or 0.16%, to 19,003.65.
Industrial (.SPLRCI) stocks led the S&P, rising 1.36%, while consumer discretionary (.SPLRCL) was the biggest sectoral decliner, falling 0.69%.
For the week, the S&P 500 gained 1.68%, the Nasdaq rose 1.73%, and the Dow climbed 1.96%.
Expectations on the Federal Reserve's policy move in December have recently swayed between a pause and a cut, as investors weighed the likely impact of Trump's plans on price pressures.
There is a 59.6% probability the central bank will lower borrowing costs by 25 basis points, as per the CME Group's FedWatch Tool.
Geopolitics were top of mind this week as investors monitored a missile exchange between Ukraine and Russia, after Moscow lowered its threshold for a nuclear retaliation. The markets are also awaiting Trump's Treasury Secretary pick.
"The fact that we’ve been calm on a nice, steady stair step pattern higher is very encouraging and reflective of the fact that investors aren’t acting with the emotion that they could be given the amount of uncertainties we’ve faced," Hackett said.
In company news, Gap Inc (GAP.N) jumped 12.8% after the Old Navy parent raised its annual sales forecast and said the holiday season was off to a "strong start".
Intuit (INTU.O) fell 5.7% after the TurboTax parent projected second-quarter revenue and profit below Wall Street estimates on Thursday (22 November).
Advancing issues outnumbered decliners by a 3.2-to-1 ratio on the NYSE where there were 532 new highs and 41 new lows.
On the Nasdaq, 3,076 stocks rose and 1,271 fell as advancing issues outnumbered decliners by a 2.42-to-1 ratio.
The S&P 500 posted 83 new 52-week highs and one new low while the Nasdaq Composite recorded 179 new highs and 85 new lows.
Volume on U.S. exchanges was 13.49 billion shares, compared with the 14.65 billion average for the full session over the last 20 trading days.
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The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
Wall Street closed sharply lower on Tuesday as global markets fell after U.S. President Donald Trump’s new tariff threats against Europe unsettled investors and revived fears of renewed volatility.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
Armenia heads to the polls on 7 June in a key parliamentary vote seen as a test of its democratic reforms and future political direction. Prime Minister Nikol Pashinyan is seeking re-election amid domestic polarisation, security challenges and regional diplomatic tensions.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
Azerbaijan's Foreign Ministry has confirmed the number of casualties its citizens suffered as a result of the 5 June drone attacks on the cargo ships Natra and Zircon in the Sea of Azov. In a statement, it said four Azerbaijani citizens were killed and four others were injured.
The U.S. said it struck Iranian radar sites on Qeshm Island and in Goruk after intercepting four drones, while Iran's Revolutionary Guards said they launches retaliatory strikes on four tankers in the Strait of Hormuz and targeted U.S. bases in the Gulf.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
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