Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
on
Jan.
19,
2024.
Spencer
Platt
|
Getty
Images
The
Dow
Jones
Industrial
Average
soared
Friday
on
the
back
of
gains
in
Home
Depot
and
Caterpillar
as
investors
started
to
embrace
some
stocks
outside
of
the
technology
bull
market
leaders
this
week.
The
Dow
added
247.15
points,
or
0.62%,
to
end
at
40,000.90.
During
the
session,
the
30-stock
blue-chip
index
rose
to
a
fresh
all-time
high
of
40,257.24.
This
was
its
first
time
above
40,000
since
topping
that
round
number
milestone
in
late
May.
Home
Depot
added
1.7%
to
bring
its
gain
for
the
week
to
7.5%.
Caterpillar
added
nearly
1.4%
during
the
day.
The
S&P
500
was
higher
by
0.55%,
closing
at
5,615.35.
The
Nasdaq
Composite
was
up
0.63%,
ending
at
18,398.45.
During
Thursday’s
session,
the
S&P
500
posted
its
worst
day
since
late
April
as
investors
sold
their
Big
Tech
winners
in
a
major
market
rotation,
pushing
Nvidia
lower
by
5.6%.
However,
the
30-stock
Dow
was
the
outperformer
that
day,
inching
higher
by
0.08%
during
the
sell-off
in
the
other
major
averages.
On
Friday,
investors
piled
into
the
Dow’s
industrial
names
on
hopes
slowing
inflation
would
be
followed
by
a
Federal
Reserve
rate
cut
in
September.
The
Dow
advanced
1.6%
for
the
week.
The
catalyst
was
a
Thursday
report
showing
the
consumer
price
index
declined
0.1%
in
June.
“The
powerful
growth
story
in
AI
has
been
all-consuming,
but
it’s
not
the
only
story
in
the
market,”
said
David
Russell,
global
head
of
market
strategy
at
TradeStation.
“Powell’s
testimony
this
week
and
the
CPI
report
remind
investors
that
other
catalysts
can
boost
other
kinds
of
companies.
That’s
especially
true
for
a
sector
like
utilities,
which
emerged
as
an
AI
play
earlier
this
year
and
now
can
potentially
benefit
from
rate
cuts.”
Dow
Jones
Industrial
average,
year-to-date
The
Russell
2000
Index
jumped
6%
for
the
week
after
a
1.1%
gain
on
Friday
as
investors
see
a
so-called
soft
landing
for
the
broader
economy
giving
a
boost
to
smaller
companies.
The
market
rallied
even
after
meager
reactions
to
banks’
second-quarter
earnings.
JPMorgan
shares
were
1.2%
lower
even
as
the
bank
posted
second-quarter
revenue
higher
than
Wall
Street
expectations
on
a
jump
in
investment
banking
fees.
Citi
dipped
1.8%
despite
beating
on
the
top
and
bottom
lines
in
the
second
quarter.
Wells
Fargo
shares
tumbled
6%
after
the
bank
said
net
interest
income,
a
key
measure
of
lending
profitability
for
banks,
fell
short
of
expectations
in
the
second
quarter.
A
reading
of
wholesale
inflation
came
in
slightly
hotter
than
expected
on
Friday,
but
Wall
Street
largely
ignored
those
figures
after
Thursday’s
more
important
consumer
prices
report
showed
slowing
inflation.
Nvidia
bounced
1.4%
on
Friday
as
investors
couldn’t
resist
some
of
their
favorite
tech
names
that
had
sold
off
the
day
before.
The
S&P
500’s
nearly
18%
gain
for
the
year
has
largely
been
led
by
technology
stocks.
The
tech
sector
has
jumped
33%
in
2024,
and
communication
services
is
up
26%.
No
other
major
sector
is
outperforming
the
benchmark.
