Stock market today: Wall Street rises to turn a dismal week into just a bad one

NEW YORK — U.S. stocks rose to turn what would have been one of the market’s worst weeks of the year into just a pretty bad one. The S&P 500 rallied 1.1% Friday to shave its loss for the week down to 2%. The Dow Jones Industrial Average jumped nearly 500 points, and the Nasdaq composite gained 1%. A report said a measure of inflation the Federal Reserve likes to use was slightly lower last month than expected.

The threat of higher inflation was one of the reasons Fed Chair Jerome Powell gave this week when the central bank hinted it may deliver fewer cuts to interest rates next year than it earlier expected. Friday’s better-than-expected inflation data pushed traders to trim their bets for zero cuts in 2025, which they now collectively see a 16.5% chance of. Easier interest rates can goose the economy by making it cheaper for households and businesses to borrow, but they can also provide fuel for inflation.

The U.S. stock market has lost a chunk of its gain since Trump’s win on Election Day raised hopes for faster economic growth and more lax regulations on companies, which would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation, a bigger U.S. government debt and difficulties for global trade.

Danish company Novo Nordisk saw its stock that trades in the United States tumble 17% after giving an update on a potential weight-loss treatment that analysts said fell short of expectations.

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