Stocks rose at the end of their best week in 2024 after solid consumer sentiment data and bets that newly elected President Donald Trump's pro-growth agenda will keep fueling Corporate America.
Equities advanced for a fourth consecutive session, with the S&P 500 on track for its 50th record this year. The gauge extended its weekly gain to 4.8%.
The cohort of defensive shares took the lead on Friday after some groups hit "oversold" levels. The megacap space was mixed, with Tesla Inc. up and Nvidia Corp. down.
A whopping $20 billion flowed into U.S. equity funds on the day Trump claimed victory, according to Bank of America Corp.
That was the most in five months, strategist Michael Hartnett said in a note citing EPFR Global. Small caps — which are seen benefiting from Trump's protectionist stance — attracted the biggest inflow since March.
