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U.S. stocks rose on Friday as investors closed out the best week of 2024, part of a market comeback from a violent rout to begin August.
The Dow Jones Industrial index regained 96.7 points to close out Friday at 40,659.76.
The S&P 500 index gained 11.03 points to 5,554.25.
The NASDAQ moved lower 37.22 points to 17,631.72.
For the week, the S&P 500 added nearly 4%, its best week since November 2023. The Nasdaq gained 5% while the 30-stock Dow has advanced 3% on the week.
Following the comeback this week, the S&P 500 is now just 2% away from its mid-July record high. Data this week helped assuage a jittery market. Retail sales data released Thursday came in much stronger than economists expected, while weekly jobless claims fell. Both offered evidence that recession fears, which helped spark a global selloff earlier this month, were overblown. Inflation readings released earlier this week also bolstered hopes that a soft landing scenario was still possible.
Shares of Nvidia are among the biggest winners in technology stocks on the week with a gain of more than 18%. Apple picked up roughly 3% on the week, and Microsoft advanced 3%.
Prices for the 10-year Treasury gained a bit, lowering yields to 3.88% from Thursday’s 3.92%. Treasury prices and yields move in opposite directions.
Oil prices slipped $1.47 at $76.73 U.S. a barrel.
Gold prices rallied $54.40 to $2,546.80.
