Traders work on the floor at the New York Stock Exchange on September 9, 2024.
Brendan McDiarmid | Reuters
the Dow Jones Industrial Average Friday advanced as the major US averages headed for weekly gains.
The Dow Jones Industrial Average rose 273 points, or 0.6%. the Standard & Poor's 500 He added 0.2%. Heavy technology Nasdaq Composite Declined 0.1%, hit by slides of more than 3% and 1%. Nvidia and alphabetrespectively.
All three major averages are on track to end the week higher than 1%. This represents a shift from last week, when Wall Street's rally stalled after the election.
Friday's moves represent a continuation of a trend as investors shift exposure from technology to names in more economically sensitive corners of the market. This may explain why the consumer discretionary sector led the S&P 500 higher, while information technology and communications services were the worst performers.
While the technology struggled, Bitcoin approached the long-awaited level of $100,000. Small stocks also performed well this week Russell 2000 It rose more than 1% in Friday's session and is on track to end the week higher than 4%.
“Investors are moving from the previous high-cap sectors of telecommunications services and large-cap technology to other cyclical sectors such as consumer discretionary, industrials and financials, as well as mid-cap and small-cap stocks,” said Sam Stovall, chief investment officer. CFRA Research Strategist. “Drivers continue to be the traditional rally at the end of an election year, with prices of all sizes, styles and sectors rising within the S&P 1500.”
