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US stocks closed near session highs on Friday as investors surveyed President-elect Donald Trump’s efforts to build his team and bitcoin’s (BTC-USD) bid to reach a key milestone.
The S&P 500 (^GSPC) advanced 0.3%, while the Dow Jones Industrial Average (^DJI) gained over 400 points, or almost 1%, to close at a record. The tech-heavy Nasdaq Composite (^IXIC) rose 0.2%.
The major gauges closed out the week with wins of over 1%, despite getting off to a lackluster start as the post-election rally stalled.
Markets regrouped after Nvidia’s (NVDA) earnings fell short of definitively settling the question of whether AI would keep boosting stocks. Some of the "Magnificent Seven" tech megacap stocks closed lower on Friday, including Alphabet (GOOG, GOOGL), dogged by the potential forced sale of Google Chrome.
Consumer Discretionary (XLY), Industrials (XLI), and Financials (XLF) led the sector gains this week, with XLF closing at an all-time high.
Wall Street is still waiting to learn whom Trump will tap for his Treasury secretary — an announcement that could sway markets, given its importance to the economy. The president-elect tapped former Florida Attorney General Pam Bondi to be the US attorney general after his prior pick, Matt Gaetz, withdrew his name from consideration on Thursday.
Meanwhile, surging bitcoin continued to move near the landmark $100,000 level, buoyed by growing confidence that the Trump administration will support pro-crypto policies. The leading token broke above $99,500 early on Friday before retreating amid hopes for looser regulatory oversight after SEC Chair Gary Gensler said he will step down soon. Smaller cryptocurrencies also got a boost.
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