U.S. Stocks Close Friday with Modest Gains
The Dow Jones Industrial Average climbed 104.05 points, representing a 0.22 percent advance to settle at 47,954.99. The S&P 500 gained 13.28 points, or 0.19 percent, reaching 6,870.4. The Nasdaq Composite Index surged 72.99 points, posting a 0.31 percent increase to finish at 23,578.13.
Sector performance proved mixed across the S&P 500, with six of eleven primary categories declining. Utilities suffered the steepest losses at 0.98 percent, followed by energy's 0.43 percent retreat. Conversely, communication services dominated gainers with a 0.95 percent rally, while technology advanced 0.45 percent.
The U.S. Commerce Department released Friday its postponed September Personal Consumption Expenditures (PCE) price index, confirming inflation climbed in line with forecasts. The core PCE metric—stripping out volatile food and energy components—accelerated 2.8 percent on an annual basis.
Consumer confidence demonstrated resilience, with the University of Michigan's preliminary December sentiment survey registering its first monthly improvement since July.
Employment trends continued signaling gradual labor market deceleration. Challenger, Gray & Christmas data from Thursday revealed U.S. employers announced 71,321 job eliminations in November—the highest November figure since 2022.
Traders are pricing in roughly 87 percent probability of a 25-basis-point Federal Reserve rate reduction at the December 10 policy meeting, per the CME FedWatch Tool.
Corporate headlines centered on streaming sector consolidation. Netflix shares slid 2.89 percent following the company's agreement to purchase Warner Bros. Discovery's film and television production units plus streaming platforms in an approximately 72-billion-dollar deal. Warner Bros. Discovery stock surged 6.28 percent on the announcement.
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