Wall Street Rises After Five-Day Losing Streak
Wall Street closed Friday with gains, snapping a five-session losing streak, as investors assessed manufacturing data.
Investors are getting prepared for the incoming administration of Donald Trump, set to take office on January 20 with Republican control of Congress.
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The SPX 500 rose 1.26% to 5,942.60 points, and the Nasdaq Composite gained 1.77% to 19,621.17, both breaking their five-day losing streaks. The Dow Jones Industrial Average climbed 0.80% to 42,732.13, ending a four-session decline.
Despite Friday’s rebound, all three indexes posted weekly losses: the Dow fell 0.61%, the S&P 500 dropped 0.47%, and the Nasdaq Composite declined 0.52%. Global equity markets saw mixed movements amid low trading volumes in the year’s first week.
In December, U.S. manufacturing edged closer to recovery, with increased production and new orders. However, rising input costs challenged factories as the year ended.
Corporate and Commodity News
In corporate news, United States Steel Corporation shares fell 6.53% after President Joe Biden blocked its sale to Japan’s Nippon Steel, concluding a prolonged political dispute over the acquisition.
Meanwhile, oil prices rose on Friday, breaking out of a months-long range. Optimism surrounding U.S.-China relations contributed to the gains.
West Texas Intermediate (WTI) crude for February delivery increased 1.13% to $73.96 per barrel, while Brent crude for March delivery rose 0.76% to $76.51 per barrel in London.
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