Stocks rose at the end of their best week in 2024 after solid consumer sentiment data and bets that newly elected President Donald Trump's pro-growth agenda will keep fueling Corporate America.
Equities advanced for a fourth consecutive session, with the S&P 500 on track for its 50th record this year. The gauge extended its weekly gain to 4.5%. The cohort of defensive shares took the lead on Friday after some groups hit "oversold" levels. The megacap space was mixed, with Tesla Inc. up and Nvidia Corp. down.
While the post-election rally likely has more upside ahead, Geranen said he would not be surprised to see stocks take a breather before rallying again into year-end.
The S&P 500 rose 0.3%. The Nasdaq 100 was little changed. The Dow Jones Industrial Average rose 0.5%.
Treasuries are poised for their best weekly advance since early September after a volatile five days of trading, while the dollar headed toward a sixth straight week of gains.
Source: Bloomberg
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