Technology stocks drive the market on a cheerful New York stock exchange

The electric car manufacturer Tesla, the semiconductor giant Nvidia, the processor company Intel – and falling market interest rates as well as increased hopes of interest rate cuts on top of that. This is how five of the reasons behind Friday's good mood on the New York stock exchange are spelled.

» Published: January 17 2025

Technology stocks drive the market on a cheerful New York stock exchange
Photo: Frank Franklin II/AP/TT

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Broad S&P 500 index rose 1.0 percent, Dow Jones industrial index 0.8 percent, and Nasdaq's technology-heavy composite index 1.5 percent.

During the day, the yield on ten-year US government bonds fell, and interest in stock trading increased.

A couple of driving forces during the last day of the trading week were tech giants Tesla and Nvidia, both rising 3.1 percent.

Intel surged 9.2 percent after reports that the company is on its way to being acquired.

Last September, Intel's stock got a quick but short-lived boost after reports that industry colleague Qualcomm was planning a potential acquisition.

Several major American banks have also reported figures that exceeded analysts' expectations this week, which added to the stock traders' joy.

Furthermore, signals emerged that the persistent inflation in the US is on its way to easing. This sparks new hope that the central bank, the Federal Reserve (Fed), will lower interest rates again in the not-too-distant future.

During the week, the S&P 500 index rose 2.9 percent, and the Dow Jones industrial index 3.7 percent, the best weekly result since the beginning of November last year. Nasdaq's composite index had its best week since the beginning of December, with an increase of 2.4 percent.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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