Market News
Wall Street closed higher on Friday driven by strong fourth-quarter earnings results and economic data. The Nasdaq Composite, the Dow and the S&P 500 ended in positive territory. However, last week ended in a positive zone.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.8% or 334.70 points to close at 43,487.83. Within the 30-stock index, 23 components ended in positive territory, while seven ended in negative zone.
The tech-heavy Nasdaq Composite advanced 291.91 points or 1.5% to 19,630.20.
The S&P 500 gained 1%, or 59.32 points, to end at 5,996.66. Nine of the benchmark index’s 11 broad sectors closed in the green. The Technology Services Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY), and the Financials Sector SPDR (XLF) rose 1.6%, 1.4%, and 0.8%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 3.8% to 15.97. A total of 14.57 billion shares were traded on Friday, lower than the last 20-session average of 15.65 billion. The S&P 500 posted 24 new 52-week highs and no new lows. The Nasdaq Composite recorded 66 new highs and 73 new lows.
Strong Q4 Earnings Results
Independent Bank Corp. INDB reported fourth-quarter 2024 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of $1.16. Revenues of $176.85 million beat the Zacks Consensus Estimate by 0.59%. Consequently, the stock price of Independent Bank Corp. rose 4.9%.
Schlumberger Limited SLB reported fourth-quarter 2024 adjusted earnings of $0.92 per share, beating the Zacks Consensus Estimate of $0.90. Revenues of $9.28 billion beat the Zacks Consensus Estimate by 1.17%.
Consequently, shares of Independent Bank Corp and Schlumberger Limited rose 4.9% and 6.1%, respectively. Independent Bank Corp. carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
U.S. Housing Market Sees Mixed Trends in December 2024
The U.S. housing market had mixed trends in December of 2024, per the latest data from the U.S. Census Bureau. Mixed results were seen in building permits and growth was seen in housing starts.
According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, Housing Starts for December came up to 1,499,000. The number for November was revised up to 1,294,000 from the previously reported 1,289,000.
Building Permits for December came in at 1,483,000. The number for November was revised down to 1,439,000 from the previously reported 1,505,000.
The overall housing market in December and for 2024 reflects a complex picture of recovery and challenges. While housing starts and completions saw some growth, the decline in building permits and the mixed trends in housing completions signal caution in the market moving into 2025.
Industrial Production Rise in December
Per a report by the Federal Reserve, Industrial Production for December came in at an increase of 0.9%. The number for November was revised up to an increase of 0.2% from the previously reported 0.1% decrease.
December Capacity Utilization Increases
Capacity Utilization for December came in at 77.6 as per a report by the Federal Reserve. The number for November was revised up to 77 from the previously reported 76.8.
Weekly Roundup
For the week, the Dow increased by 3.7%, the S&P 500 advanced 2.9%, and the Nasdaq gained 2.4%.
