April 22, 2024

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Stocks closed higher on Friday, and Nasdaq posted its third straight week of wins

Stocks closed higher on Friday, and Nasdaq posted its third straight week of wins

Stocks rose on Friday as investors struggled to hang on to January’s rally, after falling earlier in the week, and earnings reports continued to pour in.

The Dow Jones Industrial Average added 315 points, or 0.9%, to close at 33,341.61, while the S&P 500 advanced 1.3%, to 3,970.33. Both indices snapped a three-day losing streak. Meanwhile, the Nasdaq Composite rose 2.6%, helped by Netflix and Alphabet, to end the day at 11,135.34..

The Nasdaq was also the best performer of the week, posting a gain of 0.5%. The Dow ended the week down 2.8% and the S&P posted a loss of 0.76%. All major averages remain in positive territory for the year.

“We had a much more emotional reaction as expected,” said Geoff Kilberg, founder and CEO of KKM Financial. “A lot of people became very pessimistic and we saw parabolic moves to start the year. Now, as expected, the markets are not going in a straight line.”

“We are finding a way to keep moving and we have higher lows,” he added. “Higher lows put little confidence in the bulls. However, technicians still favor the bears and sell the highs.”

Big tech stocks led the market higher. Netflix gained 7% after that Posted more subscribers than expected Although its quarterly earnings came in below analysts’ estimates. Alphabet rose 5% after the company announced it would lay off 12,000 employees.

“You’re seeing more heft in some of the cutting edge technologies and because people are becoming more thoughtful about the opportunities in the sheer tech wreck that we’ve seen in 2022,” Kjellberg said.

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