U.S. Indexes Log Their Best Week Since Just After the Presidential Election
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by American Express. Here's your closing bell brief for Friday, January 17th. I'm Danny Lewis for The Wall Street Journal. All three major U.S. indexes finished the day up with each of the magnificent seven tech stocks notching gains, as well as chipmakers, manufacturers, and big banks. The Dow Jones Industrial Average rose about 335 points to close at 43,488.
The S&P 500 gained 59 points, and the Nasdaq advanced almost 292 points. For the week, all three indexes snapped a two-week losing streak and logged their best weekly results since just after the presidential election in November. Muted inflation data and positive U.S. growth projections are buoying investors. The Dow Jones Industrials were up 3.7 percent, the S&P gained 2.9 percent, and the Nasdaq rose 2.5 percent.
In individual companies today, shares of Novo Nordisk fell 5.3% after the U.S. government said Novo's drugs Ozempic and Wegovy would be subject to a second round of Medicare price negotiations. A steep price cut in Medicare for semaglutide, the main ingredient in those drugs, could hurt Novo's sales growth. The pharmaceutical company says the negotiation program could threaten future drug research.
Goldman Sachs rose to an all-time high and closed up 2.1% to $625.94 after the firm's earnings report earlier in the week showed surging profits for the past quarter. And stocks related to crypto rallied as Bitcoin prices rose back above $104,000. Coinbase gained 4.9%. MicroStrategy rose about 8%. And Robinhood finished the day up 4.5%.
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