Stocks Ease Toward Winning Week

The S&P 500 rose slightly Friday, but all the major averages headed for a winning week fueled by better-than-expected economic growth and a pop in market-darling Tesla.

The Dow Jones Industrials came off its highs of the morning, but still led Thursday’s close by 3.86 points to 33,953.23.

The S&P 500 picked up 8.13 points to 4,068.56.

The NASDAQ Composite moved higher 63.15 points to 11,575.56.

Earnings season pressed on, with strong guidance boosting American Express 11% despite a top-and bottom-line miss. Chips stocks rose even as Intel slumped 8% on a dismal earnings report that missed on the top and bottom lines.

All the major averages are positive for the week and month. The Dow has added 1.4% and the S&P 500 has gained 1.4% and 2% this week. The NASDAQ is up 3.3% on the week and is set to notch its best monthly performance since July. The NASDAQ has gained the last four weeks.

Tesla rose 6% Friday, building on a more than 27% weekly gain after reporting record revenue.

So far this year, markets have bucked 2022's selloff trend. The Dow is up 2.2%, while the S&P has gained 5.6%. The NASDAQ has surged more than 10%.

Stocks are coming off a positive session. Investors cheered a better-than-expected fourth quarter gross domestic product report that stoked hopes that the U.S. economy can experience a soft landing as the central bank hikes rates to tame inflation.

Prices for the 10-year Treasury fell, raising yields to 3.52% from Thursday’s 3.47%. Treasury prices and yields move in opposite directions.

Oil prices retreated 84 cents to $80.17 U.S. a barrel.

Gold prices eked higher $1.20 to $1,931.20 U.S. an ounce.