The Dow Jones Industrial Average closed at a new record on Friday, capping off a winning week for stocks.
The blue-chip Dow gained 426.16 points, or 0.97%, to 44,296.51, a new all-time closing high and its third straight positive session. The S&P 500 added 0.35% to finish at 5,969.34 for its fifth winning day in a row.
The technology-heavy Nasdaq Composite rose 0.16% to 19,003.65. Gains were restricted by slides of more than 3% and 1% in Nvidia and Alphabet, respectively.
The Dow ended the week about 2% higher, while the S&P 500 and Nasdaq each added about 1.7%. That marks a turn from last week, when Wall Street's postelection rally stalled.
Friday's moves marked a continuation of a trend where investors shift exposure from tech to names in more economically sensitive corners of the market. That can explain why the industrial and consumer discretionary sectors led the S&P 500 higher, while communication services was the worst performer.
While tech struggled, bitcoin neared the long-awaited milestone of $100,000. Small-cap stocks also showed strength this week, with the Russell 2000 climbing 1.8% in Friday's session to finish the week up by 4.5%.
Source : CNBC
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