Stocks rose Friday, ending a strong week, aided by better-than-expected economic growth and a surge in Tesla shares.
The Nasdaq Composite rose 0.95% to close at 11,621.71 while the S&P 500 rose 0.25% to close at 4,070.56. The Dow Jones Industrial Average rose 28.67 points (0.08%) to close at 33,978.08.
All major averages hit a positive week and are on pace for a month-long climb. The tech-focused index rose 4.32% to close out the fourth week of gains. We are on pace to achieve our best monthly performance since July. The S&P and Dow are up 2.47% and 1.81% respectively this week.
Earnings season continues, boosted by strong guidance american express Share increased 10.5% despite top and bottom line misses.Some chip stocks rose intel It fell more than 6% on disappointing earnings reports.
Tesla is up more than 33% in a week after reporting record earnings, up 11% on Friday. This marked the best weekly performance for electric vehicle stocks since May 2013.
So far this year, the market has bucked the 2022 selling trend. The Dow is up 2.5% for him and the S&P is up 6% for him. Nasdaq is up 11%.
“We’re putting the finishing touches on a very strong January following lower inflation,” said Ryan Detrick, chief market strategist at Carson Group. “But we are not out of the woods. The Fed is still due next week and they may water this rally.”
Investors focused more on Friday’s economic data ahead of next week’s Federal Reserve policy meeting. A price index of consumer spending, excluding energy and food, showed prices rose 4.4% year-on-year, in line with Dow Jones forecasts, according to the Department of Commerce. The so-called PCE is the Fed’s favorite inflation indicator.
Thursday’s better-than-expected fourth-quarter gross domestic product (GDP) report also added to hopes of a successful soft landing for the Fed.
These are some of the last data points before the central bank’s widely anticipated 25 basis point rate hike.
Lea la cobertura del mercado de hoy en español aquí.
