Stocks Rally as Wall Street Aims for Positive Weekly Close
U.S. stocks opened higher on Friday, with the Dow Jones Industrial Average gaining over 180 points. This upward trend suggests a positive weekly close, despite the ongoing U.S. government shutdown.
The S&P 500 and Nasdaq Composite also saw gains, rising by 0.20%. These increases indicate that bulls are hopeful for a green week, provided the session avoids another negative close like Thursday’s.
Despite the 10-day government shutdown, which has left the market without key data, investor sentiment remains cautiously optimistic. the Dow,which was down slightly earlier,now hovers about 0.4% lower in early trading.
Magnificent 7 Stocks Show Mixed Performance
Nvidia led tech gainers with a 2% increase.However, the Magnificent 7 stocks were mixed. Tesla rose 0.9%, Alphabet climbed 1%, and Meta dipped 0.14%. Microsoft remained flat, Apple edged up 0.67%, and Amazon gained 0.17%.
The cooldown in the AI trade, which previously drove stocks higher, is evident in the Mag 7’s performance. Yet, Wall Street remains optimistic after Applied Digital announced a quarterly revenue beat, sending its stock up over 25% in premarket trading.
Othre Market Sectors Show Signs of rebound
Gold prices rebounded above $4,000 an ounce, and Bitcoin traded around $122,000, slightly up on the day. Treasury yields also fell, with the 10-year Treasury yield dropping to 4.09% and the 2-year Treasury yield retreating to 3.58%. The 30-year Treasury yield fell to 4.67%.
the market is showing signs of recovery, with various sectors contributing to the positive momentum.
