US Stocks Rise, Ending Five-Day Losing Streak

US stocks climbed, led by technology giants, suggesting Wall Street stocks may finally halt a five-day losing streak that’s the longest since April. The S&P 500 rose 0.6%, with the tech-heavy Nasdaq 100 climbing as much as 1.2%. United States Steel Corp. fell 6.3% after President Joe Biden blocked Nippon Steel Corp.’s proposed purchase of the company. Data Friday showed US manufacturing rose at a modest pace in December, with the Institute for Supply Management gauge at 49.3, topping estimates.

A reading above 50 indicates economic expansion. New orders rose to the highest since the start of last year. Treasuries dipped after the report while stocks held onto gains. Vital Knowledge’s Adam Crisafulli said the ISM readout was incrementally positive but “but it will reinforce worries about hawkish policy and elevated yields.” It’s been a volatile week for stocks, with the S&P 500 index notching intraday gains in the previous two sessions, only to close lower. A key afternoon vote on the House speaker could spark further swings. Mike Johnson’s reelection to the post will signal how united the GOP is behind the president-elect’s planned policies when he takes office in the weeks ahead. “We really need to see more of that clarity on Jan. 20 for markets to have greater conviction,” Laura Cooper, global investment strategist at Nuveen, said on Bloomberg Television. “US exceptionalism will continue to be the dominant theme at least in the first half of the year, regardless of what some of those policies that come through are.” The dollar drifted after setting a two-year high Thursday, while Treasury yields climbed. The rate on the benchmark 10-year is more than 15 basis points above the level prior to Jerome Powell’s hawkish turn at the Dec. 18 Federal Reserve meeting. Biden’s decision to block the $1

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