Stocks trimmed gains but still closed with gains of 1% or higher Friday, as the Dow Jones Industrial Average and the S&P 500 had their best week since the November election. But small caps faded.
The Dow Jones index finished 0.8% higher as Nvidia's 3% jump led the index by percentage performance. The Dow closed narrowly below its 50-day moving average.
The S&P 500 surged 1%, climbing back above its 50-day moving average and closing just under the 6,000 mark. The Nasdaq outperformed with a 1.5% gain. The index cleared the 21-day moving average on Friday.
But the Russell 2000 underperformed. The small-cap index shaved an early gain of more than 1% to just 0.4% at the close.
Treasury yields were nearly flat at 4.61% after three days of declines.
Volume fell on the New York Stock Exchange but rose on the Nasdaq, according to unconfirmed data. Advancers outnumbered decliners by 12-to-7 on the NYSE and by about 8-to-5 on the Nasdaq, according to FactSet.
Tesla rallied nearly 5% as it continued to rebound. The stock retook the 21-day exponential moving average on Wednesday.
1:53 p.m. ET
More Breakouts For Stock Market
In the MarketSurge 250, several breakouts highlighted Friday's action.
Morgan Stanley broke out past a flat base's buy point of 136.24. Its relative strength line is making new highs as well.
Primoris cleared a buy point of 84.97, but price activity was muted and volume was tracking below average.
Bank of New York Mellon rose above its buy point of 82.72 in active trading. Its RS line also is at new highs. The bank topped Q4 estimates on Wednesday.
ExlService Holdings edged into a buy zone from a 47.37 buy point, and volume was weak. Carlyle Group rose above its latest buy point at 55.11 but volume was running well below the normal pace.
China stocks jumped after Trump touted a "very good call" with Chinese President Xi Jinping Friday.
JD.com cleared the 50-day moving average with a 9% gain. PDD retook the same level amid a 4% gain, while Alibaba rose nearly 3%. The iShares MSCI China ETF rose more than 2%.
12:21 p.m. ET
Bitcoin A 'National Priority' Under Trump
Meanwhile, bitcoin soared more than 4% and neared the $105,000 level amid reports that Trump's planned executive order to make crypto assets a national priority could land on the president's desk in his first day in office.
Further, pro-crypto lawyer Paul Atkins is expected to take over as chief of the Securities and Exchange Commission on Monday.
And in a related matter, Trump Media & Tech climbed 1.5% in recent action. It was headed higher for the third straight day.
11:06 a.m. ET
Stock Market Today: Housing Starts Higher, Dow Stocks Climb
In economic data, housing starts and building permits in December were higher than estimates. Economists had projected 1.32 million housing starts and 1.458 million in permits. Actual starts were 1.499 million with permits of 1.483 million.
In stocks, Salesforce rose nearly 2% after analysts at TD Cowen upgraded the Dow Jones component to a buy from a hold with a price target of $400, up from $380. But artificial intelligence titan Nvidia led the Dow's gains, climbing more than 3% in recent action.
Magnificent Seven stocks Amazon, Apple and Microsoft also participated in the rally with just two Dow components lagging.
Also, the Innovator IBD 50 exchange traded fund rose 1.3% and retook its 50-day line in a base with a buy point of 32.24.
Are These Magnificent Seven Stocks A Buy Now?
Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
Fastenal Reverses, SLB Surges
Fastenal fell more than 4% at one point, but switched gears and posted a gain of nearly 2% in recent action after it reported fourth-quarter results Friday. Revenue of $1.82 billion and earnings of 46 cents per share missed estimates of $1.84 billion and 48 cents.
But energy giant SLB, formerly known as Schlumberger, rose nearly 8% after an earnings beat. Sales of $9.28 billion were higher than $9.18 billion estimates. Earnings of 92 cents came in 2 cents higher than views. Shares headed higher after rallying to the 50-day moving average ahead of earnings.
Find Stocks To Watch: From Top IPOs To Large And Small Caps
JB Hunt Transport fell nearly 7% and dropped below its 50-day moving average in heavy volume. That triggered a sell signal after fourth-quarter sales declined 5% to $3.15 billion. But earnings of $1.53 per share increased 4% from the prior year.
Stock Market Today: Chip Stocks Soar
Amid chip stocks, Qorvo soared nearly 14% after reports that activist investor Starboard Value had taken a stake in the beaten-down stock. The chart has several bearish features as the stock trades near multiyear lows. Its 50-day line is well below its 200-day moving average.
Former Dow component Intel soared nearly 7%, also up from multiyear lows, on reports that it may be a takeover target.
Analysts at Citigroup upgraded Cloudflare to buy from neutral and increased their price target to 145, from 95. The stock rose in a profit zone that goes up to 120.38 from a buy point of 96.30.
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