Risk appetite surged on Wall Street at the end of the week, with investors ramping up stock purchases ahead of Monday's market closure for Martin Luther King Day, which is also when Donald Trump will be sworn in as the 47th U.S. president.
All major indices posted robust gains in midday trading, setting up for their strongest weekly performance since early November. Broad-based buying lifted every sector into the green, underscoring the strength of the rally.
Adding to the positive mood, the Israeli Security Cabinet approved a ceasefire deal with Hamas in Gaza, leaving final government approval as the last step before the agreement takes effect on Sunday.
Chipmaker Intel Corp. (NASDAQ:INTC) soared 8.9%, marking its biggest single-day jump since August 2024. The rally was fueled by rumors that the company could be a takeover target.
Treasury yields edged higher but remained on track for steep weekly declines, following a softer-than-expected December inflation report that eased concerns over aggressive Federal Reserve policy.
The U.S. dollar rose 0.3% on Friday but is still slightly lower for the week, potentially snapping a six-week winning streak.
Gold prices steadied after Thursday's strong rally, while oil prices extended their decline as ceasefire efforts gained traction.
Cryptocurrency sentiment surged, driven by speculation that the incoming Trump administration could announce the creation of a Bitcoin Reserve Fund. Bitcoin (CRYPTO: BTC) was up 5% to over $105,000.
Friday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day % chg |
| Nasdaq 100 | 21,483.46 | 1.9% |
| S&P 500 | 6,013.18 | 1.3% |
| Dow Jones | 43,641.72 | 1.1% |
| Russell 2000 | 2,279.34 | 0.6% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 1.2% to $598.98.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 1.1% to $436.12.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rallied 1.8% to $522.24.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.7% to $226.01.
- The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up 1.8%; the Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, down 0.1%.
Friday’s Stock Movers
- Truist Financial Corp. (NYSE:TFC) rallied nearly 5% in reaction to stronger-than-expected quarterly results.
- Other stocks reacting to earnings included Schlumberger N.V. (NYSE:SLB), up 7.9%; Fastenal Co. (NASDAQ:FAST), up 0.64%; State Street Corp. (NYSE:STT), down 3%; Huntington Bancshares Inc. (NASDAQ:HBAN), up 0.39%; Regions Financial Corp. (NYSE:RF), down 0.86% and Citizens Financial Group Inc. (NYSE:CFG), up 1.8%.
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