Stock market today: Indexes end the week at records as investors cheer Trump’s victory

President-elect Donald Trump

US stocks jumped on Friday to record highs, capping off a monumental week for markets as investors cheered Donald Trump’s election victory.

It was a big week for the market, and the momentum kept up even after the Dow Jones Industrial Average gained 1,500 points on Wednesday. The S&P 500 briefly cross 6,000 for the first time, while the Dow topped 44,000 during the day, also a first as Nvidia replaced Intel in the index.

On Thursday, traders had more to cheer with the Federal Reserve cutting interest rates again by 25 basis points. Chair Jerome Powell said the central bank was feeling good about the economy, with more easing on the table, even as bond markets repriced this week in anticipation of higher borrowing costs under Trump’s second term.

At Friday’s closing bell, stocks ended with their best weekly gain of 2024, with the S&P 500 and Nasdaq 100 jumping about 5%.

Bitcoin, meanwhile, was continuing a record-setting run on Friday in the wake of Trump’s win, with the token climbing past $76,500.

“The Trump rally isn’t over with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation. and Made in America policies to power future gains. Market participants are also catching a tailwind from a dovish Federal Reserve,” said José Torres, senior economist at Interactive Brokers.

Also helping push stocks to record this week were solid earnings, with third-quarter results starting to wrap up.

So far, 90% of S&P 500 companies have reported earnings results. According to Fundstrat data, 77% of those companies beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%.

Investors will turn their attention to inflation data next week, with the October consumer price index set to be released on Wednesday and the October producer price index set to be released on Thursday.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday:

• S&P 500: 5,995.54, up 0.38%

• Dow Jones Industrial Average: 43,988.99, up 0.59% (+259.65 points)

• Nasdaq composite: 19,286.78, up 0.09%

Here’s what else happened today:

• Tesla stock surged 7% to hit a $1 trillion market cap on Friday for the first time since April 2022.

• Traders betting against clean-energy stocks have made $1.3 billion since Trump’s election win.

• Here are mega-cap tech’s winners and losers from Trump’s election win, according to the stock market.

• CEOs worldwide are already talking about the potential impact of tariffs on their businesses.

• The Polymarket ‘whale’ actually made $85 million on his Trump election bet, nearly double than originally thought.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil declined 2.52% to $70.54 a barrel. Brent crude, the international benchmark, was lower by 2.09% to $74.05 a barrel.

• Gold dropped 0.40% to $2,695.10 an ounce.

• The 10-year Treasury yield declined 3 basis points to 4.313%.

• Bitcoin gained 0.94% to $76,636.