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US stocks rose on Friday, ending a five-day losing streak.
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Consumer discretionary and technology sectors gained, signaling a shift to risk-on.
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Positive ISM manufacturing data and political stability with the re-election of Mike Johnson helped lift stocks.
US stocks jumped on Friday, ending a five-day losing streak S&P 500, Dow JonesAnd Nasdaq 100.
Risk-on stocks in the consumer discretionary and technology sectors lifted the market.
The stock hit a session high at the same time that Congressman Mike Johnson was re-elected for House speaker, signaling that infighting within the Republican Party may be more under control than it has been in months.
A blog post by Microsoft President Brad Smith, who said the company expects to spend $80 billion on data centers in 2025 amid an ongoing AI frenzy, also helped boost technology stocks on Friday.
“Not since the invention of electricity has the United States today had the opportunity to use new technology to power the nation’s economy,” Smith said.
Nuclear stockpile increased A burst of analyst enthusiasm for the sector related to demand from AI data centers. Shares of Constellation Energy Group and Vistra Corp rose 4% and 8.5%, respectively. Constellation on Thursday announced a $1 billion deal to provide power to more than a dozen government agencies.
Chip titan Nvidia jumped more than 4% in the session.
Investors were encouraged by December’s ISM manufacturing data, which came in at 49.3%, marking a nine-month high. That was above economists’ estimates of 48.0%, and up from November’s reading of 48.4%.
Looking ahead next week, investors will be focused on several economic updates, including jobless claims, preliminary consumer sentiment, and the US employment report for December.
Here’s where US indices stood at the closing bell at 4:00pm on Friday:
Here’s what else happened today:
