The S&P 500 and Nasdaq hit fresh 2023 highs on Friday as Tesla shares jumped following a tie-up with General Motors, while investors awaited inflation data and U.S. monetary policy decision due next week. Tesla Inc shares climbed 5.7% after General Motors agreed to use the company’s Supercharger network. GM shares rose 3.8%. The benchmark S&P 500 on Thursday ended 20% above its Oct. 12 closing low, heralding the start of a new bull market as defined by some market participants.The Associated Press has the story:
Wall Street edges higher; Big Tech climbs
Newslooks- NEW YORK (AP)
Stocks rose modestly in morning trading on Wall Street Friday and are on track to close out a relatively quiet week higher.
The S&P 500 rose 0.4% and is headed for a fourth straight week of gains. Slightly more stocks rose in the index than fell. Big technology companies were doing much of the heavy lifting.
The Dow Jones Industrial Average rose 94 points, or 0.3%, to 33,928 as of 10:59 a.m. Eastern. The tech-heavy Nasdaq rose 0.5%.
European markets were lower and Asian markets closed higher overnight.
Trading has been listless throughout the week amid a lack of any big market moving reports or news. The benchmark S&P index still gained enough ground by Thursday to close 20% above its October low, entering a new bull market.
Technology stocks, which have been responsible for much of Wall Street’s gains, helped lead the way on Friday. Microsoft rose 0.7% and chipmaker Nvidia rose 2%. The S&P 500 gives more weight to many Big Tech companies because of their size.
General Motors rose 2.6% and Tesla rose 5.9% after announcing a deal for electric-vehicle charging. Electric vehicles made by General Motors will be able to use much of Tesla’s extensive charging network beginning early next year.
The latest round of corporate earnings is nearing a close, but late reports are still managing to move some stocks. Ski resort operator Vail Resorts fell 6.7% after reporting disappointing results.
Wall Street will have more potentially market-moving economic updates to deal with next week. The government will release May data for inflation at the consumer level on Tuesday and retail sales data on Thursday. On Wednesday, the Federal Reserve will announce its latest update on interest rates.
The Fed is widely expected to hold interest rates steady at its meeting next week after 10 straight rate increases. The central bank has been raising rates, to their highest levels since 2007, in an effort to tame inflation.
The yield on the 10-year Treasury rose to 3.75% from 3.72% late Thursday. It helps set rates for mortgages and other important loans.
The two-year yield, which moves more on expectations for the Fed, rose to 4.60% from 4.52%.
Economists expect next week’s data to confirm that inflation is easing, but they also expect to see retail sales slip. Consumer spending and a strong jobs market have been a bulwark against a recession in an otherwise weakening economy.
Any big dips in employment or consumer spending could add to worries that a recession, mild or not, is on the horizon.
