S&P on Track for Winning Week

The S&P 500 stabilized Friday after hitting another record as investors looked to end the week on a high note.

The Dow Jones Industrials surged 105.54 points to 39,174.65.

The much-broader index acquired 5.46 points to 5,092.49.

The NASDAQ index lost 20.75 points to 16,020.87.

On the corporate earnings front, Block surged more than 17% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 35% after the used car retailer said it expects retail units to grow in 2024.

Wall Street is coming off a monster session as Nvidia shares roared higher on strong quarterly results, leading the chipmaker to surpass a $2-trillion valuation. The S&P 500 had best day since January 2023, while the NASDAQ Composite popped 3% for its best session since February 2023. The 30-stock Dow gained 1.2%.

All three major averages are on track for winning weeks. The S&P 500 is pacing for a 1.6% advance, while the tech-heavy Nasdaq has gained 1.3% so far this week. The Dow is up 1.5% for the period.

Prices for the 10-year Treasury gained ground, lowering yields to 4.30% from Thursday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.83 to $76.78 U.S. a barrel.

Gold prices hiked $6.60 to $2,037.30.