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Stocks rose Friday, and 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 gained 50.12 points to 33,999.53.
The S&P 500 picked up 13.73 points to 4,074.16.
The NASDAQ Composite moved higher 42.01 points to 11,554.42.
All the major averages are positive for the week and month. The Dow has added 1.7% and the S&P 500 has gained 2% this week The NASDAQ is up 3.2% on the week and is set to notch its best monthly performance since July. The NASDAQ has gained the last four weeks. Tesla rose 3% Friday, building on a 24% weekly gain on the back of an earnings beat.
So far this year, markets have bucked 2022's selloff trend. The Dow is up 2.8%, while the S&P has gained 6.1%. The NASDAQ has surged more 10.6%
Earnings season continued, with Intel slumping more than 8% following a dismal earnings report that missed on the top and bottom lines. Strong guidance boosted American Express 9% despite a top-and bottom-line miss.
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 3.54% from Thursday’s 3.47%. Treasury prices and yields move in opposite directions.
Oil prices gained back $1.04 to $82.05 U.S. a barrel.
Gold prices sagged $4.10 to $1,925.90 U.S. an ounce.
