Broad Uptrend on Wall Street

Leading indexes on the stock exchanges in New York rose on Friday. The broad S&P 500 index climbed 1.3 percent – the first increase in five trading days, which in turn was the longest downturn since April last year.

» Published: January 03 2025

Broad Uptrend on Wall Street
Photo: Pontus Lundahl/TT

The Dow Jones industrial index closed at a plus of 0.85 percent, while Nasdaq's technology-heavy composite index rose 1.8 percent.

Among the winners were technology companies such as chip giant Nvidia and server manufacturer Micro Computer, despite the talk that companies linked to artificial intelligence are overvalued. Nvidia rose 4.5 percent and Micro Computer surged 10.9 percent.

The electric car manufacturers also went up, particularly Rivian, with a plus of 24.5 percent, after the news that the company had delivered more cars than expected during the last quarter of last year. Tesla rose 8.2 percent.

On the other hand, the share in US Steel fell 6.5 percent after President Joe Biden stopped the deal that would have meant that the steel giant would be acquired by Japanese competitor Nippon Steel.

Counting the entire week that has passed, both S&P 500 and Nasdaq fell 0.5 percent, while Dow Jones declined 0.6 percent.

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By TTTranslated and adapted by Sweden Herald
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