Wall Street posts first weekly gains of the year!
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Wall Street’s three major indexes posted their first weekly gains of the year, with the Dow adding 3.69% to hit 43,487.83 last week. The S&P jumped 2.91% to reach 5,996.66, while the tech-heavy Nasdaq gained 2.44% to 19,630.20. The S&P bank index jumped 7.41% on the week.?
Japan’s Nikkei slipped 1.88% on the week to 38,451.46 and Hong Kong’s Hang Seng climbed 2.72% to 19,584.06.??? ?
U.S. stocks climbed on Friday amid a week that saw positive sentiment surrounding the health of the American economy and as investors readied themselves for the second Trump administration.?
“Stronger growth, feeding into better corporate earnings, you’re kind of getting off to a start to the year here that there’s plenty of questions both in terms of fiscal and monetary policy and what the Trump agenda will look like, or what shape it will take,” Jim Baird, chief investment officer at Plante Moran Financial Advisors told Reuters. “Despite all those questions, we’re starting the year on a reasonably better footing than we’ve been on perhaps in the last few years,” he added.?
The week’s rosy economic data — which saw U.S. retail sales rise 0.4% in December and cap off the year on a strong note — helped “revive the goldilocks narrative for equities, and likely prompted some re-risking,” wrote Barclays strategist Emmanuel Cao in a Friday note.?
WTI and Brent crude jumped 1.71% and 1.29% to $77.88 and $80.79 on the week, respectively. Gold gained 1.24% to $2,748.70 an ounce.?
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