On the final trading day before a long weekend, U.S. stocks saw a positive close under President Joe Biden’s leadership, as investors braced themselves for the inauguration of Donald Trump on Monday.
The Dow Jones Industrial Average made a solid climb, gaining 334.70 points, or 0.8%, to settle at 43,487.83. Meanwhile, the S&P 500 enjoyed a robust increase of 59.32 points, marking a 1% rise, ending at 5,996.66. The tech-heavy Nasdaq Composite led the charge with a noticeable jump of 291.91 points, translating to a 1.5% gain, wrapping up at 19,630.20.
Throughout the week, all major indexes showed gains, a development that seemed to comfort investors as Treasury yields took a step back. The Dow saw a 3.7% increase for the week, while the S&P 500 rose by 2.9%. The Nasdaq advanced a respectable 2.4%, according to Dow Jones Market Data. Notably, the Dow and S&P 500 recorded their strongest weekly performance since early November, when Trump’s election win spurred a market surge.
Turning to the bond market, yields on the 10-year Treasury note dropped by 16.1 basis points this week, settling at 4.610% as noted by Dow Jones Market Data. Looking ahead, it’s important to remember that both U.S. stock and bond markets will pause on Monday in observance of Martin Luther King Jr. Day.
