NEW YORK (AP) — U.S. stock indexes are trading higher Friday for their best week in two months.
The S&P 500 rose 0.9% in early trading, marking its first winning week in the past three weeks. As of 9:35 a.m. ET, the Dow Jones Industrial Average was up 308 points, or 0.7%, and the Nasdaq Composite was up 1.5%.
Trust Financial rose 4.6% on its addition to the list. Banks will report better profits It was higher than analysts expected until the end of 2024. The company said average deposits rose 1.5% in the quarter, following better-than-expected profit reports from major competitors such as Wells Fargo & Co. and Citigroup.
But other smaller regional banks also reported mixed results Friday.
The strongest gains were in Big Tech stocks. The companies that became known as the “Magnificent Seven” all rose. Alphabet, Amazon, Apple, Metaplatforms, Microsoft, Nvidia and Tesla each rose at least 1%. Because the stock is so large, its movements have a greater impact on the S&P 500 and other indexes than on any other stock.
The Magnificent Seven has been a market leader for years, but has recently come under pressure amid criticism that its stock price has become too expensive. A sharp rise in U.S. Treasury yields in the bond market in recent weeks has reinforced those concerns. Rising yields have a negative impact on the prices of all types of investments, especially those considered the most expensive.
Stock prices rose this week An encouraging report on inflationexpectations have increased. federal reserve system Further interest rate cuts could be achieved later this year. These further rate cuts, which began in September, will ease the brakes on the economy and boost investment prices, but they could also accelerate inflation further.
U.S. Treasury yields fell sharply in response, with the 10-year Treasury yield falling further on Friday. It fell to 4.60% from 4.62% late Thursday and 4.76% a week ago.
Still, despite better-than-expected inflation data released this week, some on Wall Street remain skeptical that the Fed will deliver further relief through interest rate cuts this year.
On Wall Street, JB Hunt Transport Services fell 6% after its latest quarterly profit fell short of analysts' expectations. Rising equipment costs and insurance-related costs were a drag on performance.
SLB rose 5.9% after the oilfield servicing company beat analyst estimates for both profit and revenue in the latest quarter. The company also announced it would raise its dividend by 3.6% and accelerate its program to send $2.3 billion to investors through share buybacks.
In overseas stock markets, indexes were mixed in Asia before rebounding in Europe.
China's index rose slightly after authorities announced the world's second-fastest economic growth rate. 5% annual pace Last year, we achieved the government's target, but at a slower pace than the previous year. Strong exports and policies aimed at boosting consumer spending and investment have fueled a manufacturing boom, with manufacturing increasing nearly 6% from a year ago, according to a government report.
Stock prices rose 0.3% in Hong Kong and 0.2% in Shanghai.
Economists expect growth to slow further this year and beyond, and President-elect Donald Trump's threat to raise U.S. tariffs on Chinese goods joins a number of U.S. government moves to restrict access to advanced technology. This further increases the challenges faced by the Chinese government. Computer chip used for artificial intelligence.
In the Tokyo market, the Nikkei Stock Average fell 0.3%. Nintendo The stock fell 4.3% following the announcement of the latest game consoles. The company promised details about the Switch 2 in April, saying it would launch this year.
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AP Business writers Matt Ott and Elaine Kurtenbach contributed.
