U.S. stocks opened higher on Friday as Wall Street focused on a positive weekly close, with the Dow Jones Industrial Average rising 180 points even as the government shutdown extended into its 10th day.
summary
- Stocks rose on Friday as Wall Street was expected to end the week with a win.
- The Dow rose 180 points in early moves, with seven Magnificent stocks mixed.
- Gold has recovered to above $4,000 and Bitcoin has recovered slightly to above $122,000.
The Dow Jones Industrial Average rose more than 180 points, while the S&P 500 and Nasdaq Composite rose 0.20%. This rally means bulls are gearing up for a green weekly close if the session can avoid another negative daily close like the one seen on Thursday.
Wall Street’s attention jumps as Dow Jones soars
Investor sentiment is waning as the U.S. government shutdown extends into its 10th day and a market starved for key data recalibrates. But despite this outlook, the S&P 500 and Nasdaq Composite are likely to close in the green this week.
The Dow Jones Industrial Average fell sharply as investor sentiment took a hit, ending the week in negative territory. Still, the stock is trading about 0.4% lower in early trading, so profits could rise. Investors expect the stock price to continue rising until it reaches a ceiling.
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Spectacular 7 strain mix
Nvidia (NVDA) led the way among tech stocks, rising about 2%. However, NVDA stock rose 0.05% in early moves amid mixed buying and selling of Magnificent 7 shares.
Tesla rose 0.9%, Alphabet rose 1% and Meta fell 0.14%. Meanwhile, Microsoft was flat, Apple was up 0.67%, and Amazon was up 0.17%.
Wall Street remains upbeat after data center developer Applied Digital reported quarterly revenue growth, but Mag7 reflects the cooling AI trade push that drove most stocks higher. The company’s shares soared more than 25% in premarket trading. The Dow Jones rose as some stocks rose.
What about the rest of the market?
As stocks look to move higher, other market sectors are also showing signs of rebounding after Thursday’s broad decline. The digital asset edged higher on the day as the bulls pushed higher, with gold prices back above $4,000 an ounce and Bitcoin (BTC) trading around $122,000.
Elsewhere, the 10-year Treasury yield fell 5 basis points to 4.09%, and the 2-year Treasury yield fell to 3.58%. The yield on the 30-year U.S. Treasury bond also fell by 5 basis points to 4.67%.
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