The Dow Jones closed at a new record on Friday, capping off a winning week for stocks
The Dow Jones rose by 426.16 points, or nearly 1%, to a new all-time high of 44,296.51, marking its third straight day of gains. The S&P 500 also climbed 0.35%, finishing at 5,969.34, its fifth consecutive winning day. The Nasdaq, which focuses on technology stocks, increased by 0.16%, ending at 19,003.65.
However, not all stocks were up. Big tech companies like Nvidia and Alphabet saw their stock prices drop by 3.2% and 1.7%, which limited gains for the overall market.
For the week, the Dow finished about 2% higher, while the S&P 500 and Nasdaq both gained around 1.7%. This was a rebound from the previous week when the market’s rally slowed down after the election.
One key trend from Friday’s trading was that investors were shifting their money away from tech stocks and into other areas of the market that are more sensitive to the economy, like industrial and consumer discretionary companies. As a result, sectors like industrials and consumer goods performed well, while communication services, which includes many tech companies, lagged behind.
