WASHINGTON (dpa-AFX) - Stocks showed a lack of direction early in the session on Friday but moved mostly higher over the course of the trading day. The major averages all moved to the upside, although buying interest remained relatively subdued.
The major averages pulled back off their best levels going into the end of the day but still posted modest gains. The Dow rose 149.60 points or 0.3 percent to 52,637.01, the Nasdaq increased 74.72 points or 0.3 percent to 26,281.61 and the S&P 500 climbed 31.75 points or 0.4 percent to 7,575.39.
For the week, the tech-heavy Nasdaq surged by 1.7 percent, the S&P 500 jumped by 1.2 percent and the Dow advanced by 0.5 percent.
The upward move on Wall Street partly reflected strength among some big-name tech stocks, with shares of Meta Platforms (META) surging by 6 percent after Bank of America reiterated its Buy on the Facebook parent's stock.
Shares of Nvidia (NVDA) also jumped by 4.0 percent, while U.S.-listed shares of SK Hynix soared by 13.1 percent as the South Korean chipmaker made its U.S. debut.
However, traders largely seemed reluctant to make more significant moves ahead of the unofficial start of earnings season next week.
Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), Wells Fargo (WFC), Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX) are among the companies due to report their quarterly results.
'Investors will be looking for confirmation that AI-related investment continues to translate into robust earnings growth and resilient margins, particularly among the large technology companies that have driven much of this year's rally,' said Daniela Hathorn, Senior Market Analyst at Capital.com.
She added, 'With valuations still elevated, earnings guidance could prove just as important as the headline results themselves.'
A lack of major U.S. economic data may also have kept some traders on the sidelines ahead of the release of key inflation data next week.
A report on consumer price inflation is due to be released next Tuesday, while a report on producer price inflation is due to be released next Wednesday.
The data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
Sector News
Despite the higher close by the broader markets, biotechnology stocks showed a substantial move to the downside, dragging the NYSE Arca Biotechnology Index down by 2.6 percent.
Considerable weakness was also visible among airline stocks, as reflected by the 2.2 percent slump by the NYSE Arca Airline Index.
On the other hand, housing stocks saw significant strength on the day, driving the Philadelphia Housing Sector Index up by 1.5 percent.
Oil service stocks also turned in a strong performance despite a decrease by the price of crude oil, with the Philadelphia Oil Service Index climbing by 1.4 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index jumped by 1.2 percent, while South Korea's Kospi surged by 2.5 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index dipped by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both rose by 0.2 percent.
In the bond market, treasuries have moved back to the downside, offsetting yesterday's rebound. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.0 basis points to 4.569 percent.
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