Wall Street gains/ stock market rally/ S&P 500 weekly win/ retail stocks surge/ Bitcoin price/ NEW YORK/ Newslooks/ J. Mansour/ Morning Edition/ Wall Street extended its rally Friday morning, with the S&P 500 gaining 0.1% and the Dow rising 233 points. Retail stocks like Gap and Ross Stores surged on strong earnings reports, offsetting declines in big tech, including Nvidia and Intuit. Bitcoin steadied around $98,000 after surpassing $99,000 for the first time.
Wall Street’s Winning Streak: Quick Looks
- Market Performance: S&P 500 rose 0.1%, Dow gained 0.5%, Nasdaq slipped 0.2%.
- Retail Stocks Surge: Gap jumped 7.2%, and Ross Stores climbed 4.7% on positive earnings.
- Tech Slumps: Nvidia fell 2.6%, and Intuit dropped 4.1% after a weak earnings forecast.
- Small-Cap Rally: The Russell 2000 index rose 0.9%, leading gains.
- Crypto Highlights: Bitcoin steadied at $98,000 after hitting $99,000 Thursday.
Wall Street Rallies: Dow Rises 233 Points, S&P 500 Eyes Weekly Gain
Deep Look: Wall Street Gains Ground, Eyes Winning Week
Wall Street continued its upward momentum Friday morning, with the S&P 500 poised for a solid weekly gain. The benchmark index rose 0.1%, erasing most of last week’s losses, while the Dow Jones Industrial Average climbed 233 points, or 0.5%. The Nasdaq Composite edged down 0.2%, weighed by declines in major technology stocks.
Retail Stocks Drive Gains
Retailers fueled much of the market’s optimism, buoyed by strong earnings reports.
- Gap surged 7.2% after exceeding analysts’ expectations for third-quarter earnings and revenue. The company also raised its full-year revenue forecast, signaling confidence in consumer spending trends.
- Ross Stores climbed 4.7%, similarly boosting its earnings outlook for the year.
These upbeat financial updates lifted investor sentiment, particularly ahead of the holiday shopping season.
Tech Stocks Weigh on Gains
Despite broad market strength, slumps in technology heavyweights limited gains.
- Nvidia dropped 2.6%, reflecting investor caution over its high valuation. The company’s dominance in artificial intelligence chipmaking has propelled it to a $3.6 trillion market cap, making it a major market driver.
- Intuit, the maker of TurboTax, fell 4.1% after issuing a quarterly earnings forecast below analyst expectations.
Small-Cap Outperformance
Smaller company stocks outshone their larger counterparts, with the Russell 2000 index rising 0.9%. The performance highlights continued investor interest in domestic growth opportunities despite broader economic uncertainties.
Global and Crypto Markets
In the cryptocurrency space, Bitcoin steadied after a historic surge past $99,000 on Thursday. The world’s largest cryptocurrency has more than doubled in value this year and was last trading around $98,000, according to CoinDesk.
Steady Treasury Yields
In the bond market, Treasury yields remained stable. The yield on the 10-year Treasury held at 4.42%, unchanged from Thursday. This steadiness reflects investor confidence despite concerns over inflation and Federal Reserve policy.
