Wall Street Rises on Bargain Hunting but Ends the Week in the Red
Investors took advantage of recent declines to snap up discounted stocks, closing out a volatile week dominated by trade concerns.
The three major Wall Street indexes finished Friday’s session with gains:
- Dow Jones Industrial Average rose 1.65% to 41,488.19 points.
- S&P 500 climbed 2.13% to 5,638.94 points.
- Nasdaq Composite surged 2.61% to 17,754.09 points.
Mega-Caps Lead the Rebound
A strong rally lifted all three major indexes, with large-cap stocks leading the way. The so-called “Magnificent Seven” all posted gains, though six of them remain deep in the red for the year.
- Nvidia (+5.27%) led the rebound, followed by Tesla (+3.86%).
- Despite the rally, Nvidia is down 9.85% year-to-date, while Tesla has lost 38%.
A Tough Week Despite Friday’s Gains
Even with Friday’s recovery, all three indexes closed the week lower:
- S&P 500 fell 2.27%, marking its fourth straight weekly decline.
- Nasdaq Composite dropped 2.43%.
- Dow Jones saw the biggest weekly loss, down 3.07%, reflecting heightened investor nervousness.
Encouraging inflation data on Wednesday and Thursday was overshadowed by growing uncertainty over President Donald Trump’s new trade policies and threats to major U.S. trading partners.
Fed Decision in Focus Next Week
Looking ahead, investors will closely watch next week’s Federal Reserve policy meeting. While no rate changes are expected, markets will scrutinize the Fed’s statements on tariffs and trade concerns.
Notable Stock Moves
- Nvidia Corporation jumped 4.8%, snapping a three-week losing streak.
- Ulta Beauty Inc. surged 13% after strong Q4 earnings offset a weaker full-year outlook.
- Semtech Corporation soared 21% after reporting better-than-expected Q4 earnings and offering a strong outlook for Q1 2024.
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