Wall Street Stocks Rally on Manufacturing Data and Political Stability

Stocks on Wall Street rallied on Friday to close out the first week of 2025 on an upbeat note amid fresh signs of manufacturing stability, bringing a halt to several days of losses. The S&P 500 closed the day 1.3 per cent higher, posting its biggest rise since November 6 — the day after Donald Trump’s US election victory. The benchmark index’s gains on Friday also brought an end to five consecutive days of losses — the longest such streak since April.

The technology-heavy Nasdaq Composite added 1.8 per cent, helped by a rise of more than 8 per cent for electric-vehicle maker Tesla, whose shares had slipped a day earlier after announcing its first decline in annual vehicle deliveries in more than a decade. Semiconductor giant Nvidia advanced more than 4 per cent. The gains came at the end of a week shortened by New Year’s Day, which can bring thinner trading volumes. Analysts noted some investors were simply preparing for the “real” start to 2025 on Monday. But the day’s share price moves also came as a fresh reading on US manufacturing activity topped consensus forecasts, bolstering investor sentiment, and as Trump ally Mike Johnson was re-elected as Speaker of the US House of Representatives. “It’s really a combination — I’ll call it a potpourri of different factors,” said Kristina Hooper, chief global markets strategist at Invesco. “First of all, we have seen some selling — and so at a certain point, I think investors recognise that there are buying opportunities created when you have multiple days of sell-offs.” At the same time, Hooper added: “We got some good news today in terms of manufacturing and I think that certainly set a positive tone. We had a relatively smooth election in the House that also helped contribute to more positive sentiment.” The ISM manufacturing purchasing managers’ index reading on Friday landed at 49.3 for December — below the threshold of 50 that marks expansion, but above economists’ forecasts and higher than a reading of 48

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