US stocks ended their best week since the November election.
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The S&P 500 is up 4% this week, marking the best week of gains since the November election.
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Interest rate cuts and a report of slower-than-expected inflation added renewed optimism.
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Investors are gearing up for the incoming Trump administration, with inauguration scheduled for Monday.
U.S. stocks rose on Friday, marking the best week for stocks since the November election.
of S&P 500, Nasad 100And Dow Jones Industrial Average All gained over 3% for the week. Friday’s 1% gain for the major averages capped the last trading day of Joe Biden’s presidency.
President-elect Donald Trump He starts work on Monday.
Stocks and bonds rallied after the December CPI inflation report came in below economists’ estimates.
The data renewed investors’ hopes that the Federal Reserve will cut interest rates further this year.
The 10-year yield was flat on Friday but fell 20 basis points from Tuesday’s 52-week high of 4.82%.
Here’s where U.S. indices stood at the opening bell on Friday at 4:00 p.m.
According to the CME FedWatch Tool, the odds of two 25-basis-point rate cuts by the end of the year have risen to 30%, up from 22% a week ago.
Rate Cut Bets This Week Federal Reserve Governor Christopher Waller told CNBC on Thursday that interest rates are likely to be cut several times this year, with the first cut coming in the first half.
“As long as the data is good on inflation or stays on that path, I’m definitely going to see some price cuts before the markets are paying off,” Waller said. He said.
Investors got their first taste of fourth-quarter earnings this week, as major U.S. banks reported disappointing numbers. Shares of major banks including JPMorgan Chase, Citi and Wells Fargo ended the week higher, up nearly 10%.
Earnings mania will continue next week, including major companies Netflix, United, Proctor and gamblingAnd Johnson and Johnson Prepared to report results.
The stock market is closed Monday, January 20, in observance of Martin Luther King Jr. Day.
Here’s what else happened today:
