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Stocks advanced Friday after the market wrapped up its fourth straight winning month and the tech-heavy NASDAQ Composite reached its first closing record since November 2021.
The Dow Jones Industrials jumped 73.51 points to pause for lunch Friday at 39,069.90.
The S&P 500 surged 23.38 points to 5,124.65.
The NASDAQ captured 134.96 points to 16,226.88.
Chipmaking giant Nvidia, which has surged 260.2% over the last 12 months, rallied more than 3% Friday. Meta also jumped 2% for the day.
The tech-heavy index was the last of the major U.S. stock benchmarks to reach a record close this year — when it achieved the milestone Thursday. This move has been fueled by enthusiasm over artificial intelligence, which has lifted mega-cap tech stocks – and the broader market – through 2023 and into this year. Slowing inflation, and the Federal Reserve’s ensuing pivot toward rate cuts forecasted for later in 2024, have also contributed the NASDAQ’s recovery from a difficult 2022.
On a weekly basis, the S&P 500, which also popped to a record close on Thursday, is tracking for a roughly 0.6% advance, while the Nasdaq is up 1.3%. This puts the two indexes on pace for their seventh positive week over the last eight. The 30-stock Dow is the laggard, down 0.2%.
Troubled regional bank New York Community Bancorp declined 24% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024.
Data released Thursday showed the personal consumption expenditures price index excluding food and energy, the Federal Reserve’s preferred gauge, rose 0.4% in January, in line with expectations.
Prices for the 10-year Treasury inched forward, lowering yields to 4.20% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.73 to $79.99 U.S. a barrel.
Gold prices surged $37.00 to $2,091.70.
