On Friday, U.S. stock markets saw a notable upswing, with the major indexes enjoying a surge. This came as a breath of fresh air to investors who were encouraged by the recent reports that inflation in November didn’t pick up as much as anticipated.
The Dow Jones Industrial Average had a robust day, gaining 498.02 points, translating to a 1.2% increase, which brought it to close at 42,840.26. Although there was a bit of a slowdown during the afternoon trading hours, it still marked the Dow’s most significant spike since the trading session following the U.S. presidential election in early November.
Similarly, the S&P 500 had a solid performance, rising by 63.77 points, or 1.1%, to wrap up the day at 5,930.85. The Nasdaq Composite also joined in the rally, climbing 199.83 points, which is a 1% increase, ending the day at 19,572.60.
Despite Friday’s optimism, the week as a whole didn’t fare as well for the indexes. Wednesday was a tough day as stocks took a dive following the Federal Reserve’s indication of a possible slowdown in the pace of interest-rate cuts next year. Consequently, the Dow experienced a weekly drop of 2.3%, marking its third consecutive week of losses. Meanwhile, the S&P 500 saw a weekly decrease of 2%, and the tech-focused Nasdaq dropped by 1.8% over the week.
