Stocks Rally as Wall Street Aims for Positive Weekly Close
U.S. stocks opened higher on Friday, aiming for a positive weekly close. The Dow Jones Industrial Average surged by over 180 points, despite the ongoing government shutdown. This optimism could lead to a green week for the S&P 500 and Nasdaq Composite, reversing Thursday’s negative trend.
Investor sentiment has been strained by the 10-day government shutdown, which has left the market without crucial data. However, the Dow’s early gains suggest a potential bounce. The S&P 500 and Nasdaq are up by 0.20%, indicating a bullish week ahead if the session remains positive.
The Magnificent 7 stocks showed mixed performance. Nvidia led tech gainers with a 2% increase, while Tesla and Alphabet rose by 0.9% and 1%, respectively. Meta slipped slightly, and Microsoft remained flat. Apple and amazon saw modest gains.
A cooldown in the AI trade has affected the Magnificent 7, but applied Digital’s quarterly revenue beat has boosted market spirits. The company’s stock jumped over 25% in premarket trading.
Other market sectors are also showing signs of recovery. Gold prices climbed back above $4,000 an ounce, and Bitcoin traded around $122,000, slightly up on the day. Treasury yields fell, with the 10-year yield dropping to 4.09% and the 2-year yield to 3.58%.
