Stocks were mixed Friday after the market wrapped up its fourth straight winning month and the tech-heavy Nasdaq Composite reached its first closing record since November 2021.
The Dow Jones Industrials jumped 48.68 points to open Friday at 39,044.97.
The S&P 500 surged 17.83 points to 5,114.10.
The NASDAQ captured 73.56 points to 16,165.48.
The tech-heavy index was the last of the major U.S. stock benchmarks to reach a record close this year — when it achieved the milestone Thursday. This move has been fueled by enthusiasm over artificial intelligence, which has lifted mega-cap tech stocks – and the broader market – through 2023 and into this year. Slowing inflation, and the Federal Reserve's ensuing pivot toward rate cuts forecasted for later in 2024, have also contributed the NASDAQ's recovery from a difficult 2022.
On a weekly basis, the S&P 500, which also popped to a record close on Thursday, is tracking for a roughly 0.5% advance, while the Nasdaq is up 1%. This puts the two indexes on pace for their seventh positive week over the last eight. The 30-stock Dow is the laggard, down nearly 0.3%.
Troubled regional bank New York Community Bancorp declined 22% after the lender announced a leadership change and disclosed issues with its internal controls. The bank is already down more than 63% in 2024.
Data released Thursday showed the personal consumption expenditures price index excluding food and energy, the Federal Reserve's preferred gauge, rose 0.4% in January, in line with expectations.
Prices for the 10-year Treasury inched forward, lowering yields to 4.19% from Thursday's 4.24%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.18 to $80.44 U.S. a barrel.
Gold prices surged $19.90 to $2,074.60.