S&P 500’s Best Week Since The Election – US Market Wrap
Wall Street powered ahead as stocks notched their best week since the November presidential election just ahead of Donald Trump’s inauguration.
Most groups in the S&P 500 rose, with the gauge up 1% Friday. Tesla and Nvidia ted gains in megacaps, while Intel jumped 9.2% on a report the chipmaker is an acquisition target. Also aiding sentiment were headlines that Trump and Chinese President Xi Jinping discussed trade and TikTok, which could set the tone for relations between the world’s two largest economies. Bonds also rebounded this week, with 10-year yields down about 15 basis points in the span.
Trump, who is set to be sworn in as the 47th US president on Monday, has reiterated his focus on core priorities such as cutting taxes and raising tariffs. Equities soared following the election on bets the new administration will enact pro-growth policies that will boost Corporate America. While stocks faltered last month on hawkish Fed signals, recent data showing cooling inflation reignited bets on rate cuts.
