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Stocks rose Friday as 2023's comeback rally pressed on, and the major averages headed for a winning week fueled by better-than-expected economic growth and a pop in Tesla shares.
The Dow Jones Industrials gained 28.67 points to finish the day and the week at 33,978.08.
The S&P 500 picked up 10.13 points to 4,070.56.
The NASDAQ Composite moved higher 109.30 points, or 1%, to 11,621.71.
Earnings season pressed on, with strong guidance boosting American Express 11% despite a top-and bottom-line miss. Some chips stocks rose even as Intel slumped about 7% on a dismal earnings report that missed expectations.
All the major averages are positive for the week and month. The Dow is up 2.2% on the week and the S&P 500 has picked up 2.9%. The NASDAQ is up 4.7% and set to notch its best monthly performance since July. Tesla rose 12% Friday, building on a more than 33% weekly gain after reporting record revenue.
So far this year, markets have bucked 2022's selloff trend. The Dow is up 2.9%, while the S&P has gained 6.4%. The NASDAQ has surged 11.5%.
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 $1.58 to $74.83 U.S. a barrel.
Gold prices swooned $1.50 to $1,928.50 U.S. an ounce.
