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US stocks stepped higher on Friday, shaking off a downbeat start to 2025 as Tesla (TSLA) and Nvidia (NVDA) led a tech-heavy comeback.
The S&P 500 (^GSPC) rose 1.3%, while the Dow Jones Industrial Average (^DJI) gained 0.8%. The tech-heavy Nasdaq Composite (^IXIC) led the gains with an increase of 1.8%.
Friday was the last day for the S&P 500 (^GSPC) to pull off a "Santa Claus" rally, watched closely as a historical harbinger of solid returns for January and the year.
But hopes dimmed after the benchmark fell again on Thursday to notch a five-session losing streak, the longest since April. The S&P 500 and Dow both ended the holiday-shortened week with losses of over 1%, while the Nasdaq is facing a weekly drop of 2%.
But tech stocks led Friday’s rebound, as Tesla shares rose 8% after the EV maker said its sales in China climbed to a record high in 2024. Tesla’s first yearly decline in global sales dragged the stock down 6% on Thursday. Meanwhile, Nvidia shares were up more than 4% after another sizable gain on Thursday.
US Steel (X) stock slid 5% after President Joe Biden blocked Japanese buyer Nippon Steel’s $14.9 billion takeover of the company, which had become a lightning rod for political opposition.
In the data docket, the slump in US manufacturing lessened in December, according to a fresh reading from the Institute for Supply Management’s (ISM) Purchasing Managers Index. The figure of 49.3% is 0.9% higher than November’s data, but it still failed to clear the 50-point threshold, which indicated a contraction.
The reading is another data glimpse into the health of US economy and will help influence the Federal Reserve’s next decision on whether to cut interest rates.
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