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U.S. Market Update
U.S. stocks closed higher on Friday as Wall Street attempted to rebound from a volatile start to the new year. The major indices showed solid gains:
The S&P 500 rose by 1%.
The Dow Jones Industrial Average advanced 271 points, or 0.6%.
The Nasdaq Composite gained approximately 1.4%.
Tech stocks led the recovery, with NVIDIA climbing over 3% and CrowdStrike rising by 2.6%. In the consumer discretionary sector, PulteGroup increased by more than 2%, showcasing strength in the homebuilding industry.
Friday’s rally followed a turbulent session on Thursday, where early market gains gave way to losses by the close. The S&P 500 and Nasdaq Composite recorded their fifth consecutive daily declines, the longest losing streak since April of the previous year.
Market Sentiment and Trends
Despite the lack of a "Santa Claus rally"—typically observed in the final five trading days of one year and the first two of the next—optimism remains for 2025. Many analysts believe that the foundational growth drivers for corporate earnings and market momentum remain robust.
While the week is poised to end with overall losses, Friday’s performance offered some relief. For the week, the Dow Jones and S&P 500 are each down by around 0.7%, and the Nasdaq Composite has fallen by 0.9%.
Notable Stock Moves
Shares of U.S. Steel dropped 5% following President Joe Biden’s announcement to block a proposed acquisition by Nippon Steel.
Alcohol-related stocks faced declines after the U.S. Surgeon General issued a health advisory on cancer risks associated with alcohol consumption.
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