Dow Jones closes rallying week with a fresh record

The S&P 500 surged just above the flatline, notching a new closing high, while the Dow Jones increased 0.2%, or about 60 points, claiming a fresh record of its own.

The Nasdaq Composite headed in the opposite direction, finishing down 0.3% after a blockbuster week.
Investors appeared to catch their breath after a worldwide breakout, which added about $277 billion to Nvidia’s market value for the biggest single-day gain in Wall Street history. The chipmaker’s shares continued their rise Friday, pushing the company close to a $2 trillion valuation.

Beyond the AI frenzy, the chances of a US interest rate cut are coming back into view for the market. A parade of Federal Reserve officials underlined that cuts are coming, but not soon — though they differed on just when the shift might start.

A solid fourth quarter earnings season is winding down, with more than one-third of reports so far beating estimates. A positive earnings forecast from Block was followed by a 16% jump in the fintech’s shares, while Carvana stock popped about 30% as investors welcomed the used-car seller’s first annual profit.