US stocks had their best week of 2024
The S&P 500 was up 0.4% on Friday and 4.7% this week, its biggest weekly advance so far this year, as the postelection rally continues. The index crossed 6,000 briefly earlier today. Similarly, the Nasdaq 100 climbed 5.4% this week, while the Russell 2000 jumped 8.6%.
All 11 S&P 500 sectors were up this week, the first time since August. The consumer-discretionary sector added 7.5% this week, leading all sectors. It was primarily driven by Tesla, which rose 29.3% over the past five sessions.
On the day, communication services, technology, and materials declined.
Tesla was also the only Magnificent 7 stock that moved upward today. Other Big Tech companies were not enjoying the market rally as much as stocks that have a more obvious linkage to the president-elect, as the likes of Alphabet and Amazon declined modestly on Friday. Among other index movers, taser-maker Axon rose a whopping 28.7% after posting upbeat earnings; Airbnb fell 8.7% after a slight bump on Thursday.
Bonds had their biggest weekly gains since early September. Crude-oil futures fell on Friday, though the commodity still made gains this week. The US dollar advanced for the sixth consecutive week. Bitcoin neared the $77,000 benchmark.
