Stocks gained ground on Wall Street on Friday for a second straight day, wiping away losses from earlier in the week. Technology stocks were once again the main force behind the market's broader moves, especially companies with a focus on artificial intelligence.
- The Dow rose 183.04 points, or 0.4%, to 48,134.89, ending the week down 0.7%.
- The S&P 500 rose 59.74 points, or 0.9%, to 6,834.50, closing out the week up 0.1%.
- The Nasdaq rose 301.26 points, or 1.3%, to 23,307.62, up 0.5% for the week.
Nvidia was the biggest force driving the market higher, the AP reports, with a 3.9% gain. Broadcom jumped 3.2%. The technology sector has been fueling Wall Street throughout the year as companies with outsize values like Nvidia exert more pressure on markets. But those pricey stock values have come under more scrutiny from investors wondering whether they are justifiable. Oracle rose 6.6% on news that it, along with two other investors, had signed agreements to form a new TikTok US joint venture. Oracle, Silver Lake, and MGX each get a 15% share in the social video platform, ensuring that it can continue operating in the US.
Company earnings and how companies are performing amid tariffs and inflation were a key focus for Wall Street. Nike slumped 10.5%, as the impact from tariffs overshadowed an otherwise strong quarterly profit report. Frozen potato maker Lamb Weston fell 25.9%, despite also beating Wall Street's profit and revenue forecasts. Winnebago Industries jumped 8.4% after turning in profits and revenue for its latest quarter that easily beat analysts' estimates. Homebuilders fell following a report showing that home sales slowed from a year earlier for the first time since May. KB Home fell 8.5%.
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