Dow rises 200 points as Wall Street heads for weekly gain
The Dow Jones Industrial Average advanced on Friday as the major U.S. averages headed for weekly gains.
The blue-chip Dow gained 273 points, or 0.6%. The S&P 500 added 0.2%. The technology-heavy Nasdaq Composite edged lower by 0.1%, weighed down by slides of more than 3% and 1% in Nvidia and Alphabet, respectively.
All three major averages are on track to end the week more than 1% higher. That marks a turn from last week, when Wall Street’s postelection rally stalled.
Friday’s moves marked a continuation of a trend where investors shift exposure from tech to names in more economically sensitive corners of the market. That can explain why the consumer discretionary sector led the S&P 500 higher, while information technology and communication services were the worst performers.
While tech struggled, bitcoin neared the long-awaited milestone of $100,000. Small-cap stocks have also performed well this week, with the Russell 2000 climbing more than 1% in Friday’s session and on track to finish the week up by more than 4%.
Source : CNBC
