The U.S. Capitol is seen ahead of Inauguration Day on January 17, 2025 in Washington, DC. U.S. President-elect Donald Trump and Vice President-elect former Sen. JD Vance will be sworn in on January 20. Eric Thayer/Getty Images/AFP (Photo by Eric Thayer / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
WASHINGTON, United States — US stocks closed higher Friday to end a busy week of corporate results, on the last trading day before President-elect Donald Trump takes office on Monday.
The Dow Jones Industrial Average ended up 0.8 percent at 43,487.83, while the broad-based S&P 500 rose 1.0 percent to 5,996.66.
The Nasdaq Composite Index jumped 1.5 percent to 19,630.20, buoyed by a rise in tech stocks.
The increase in stocks on Friday is the result of a “very broad-based rally,” Steve Sosnick from Interactive Brokers told AFP.
Among individual firms, Intel surged 9.2 percent, while chip titan Nvidia was up 3.1 percent.
“The sentiment in the market has changed dramatically,” Sosnick said. “I think this seems to be a bit of enthusiasm for the so-called Trump trade ahead of Monday’s inauguration.”
The Republican president-elect won November’s election on a pledge to boost the US economy by cutting red tape and taxes, and boosting US domestic energy production.
But his pledges to hike tariffs on goods entering the United States and deport millions of undocumented workers have also raised concern about the possible impact on growth and inflation.