Dow climbs 1%, S&P, Nasdaq advance as Wall Street's key averages cement weekly wins

Wall Street's major equity averages finished higher Friday, with consumer-related stocks and so-called Trump Trades among advancers, and ended with weekly gains. The Dow ( DJI ) +0.97% , logging a third straight gain, and the S&P 500 ( SP500 ) +0.4% , a fifth consecutive increase. The Nasdaq Composite ( COMP:IND ) +0.2% after wobbling during the session. “US equities appear unstoppably bullish at present; the market is teaching bears and fence-sitters that it is better to be all in for the bull run, until the bull run ends," Alex King, investing group leader of Cestrian Capital Research , told Seeking Alpha. The averages rose for the week, with a 1.7% rise for the S&P 500 ( SP500 ) and a 2% gain for the Dow ( DJI ) heading into a shortened week for Thanksgiving Day. “We are entering the best seasonal period of the year for U.S. equities," Scott Rubner, Goldman Sachs’ technical specialist, said Friday. The market is on the verge of a rally that should push the S&P 500 ( SP500 ) to 6,200 by year-end , he said. "Euphoria" among retail investors "is accelerating across equities and crypto, and high gains YTD may increase leverage from this cohort." In Friday's trade, retail stocks including Nike ( NKE ) and Walmart ( WMT ) were among the top gainers on the Dow, and the Consumer Discretionary and Staples sectors climbed on the S&P 500 ( SP500 ). With the holiday-shopping season underway, Gap ( GAP ) +12.8% as it said its stores were "off to a strong start," and raised its full-year outlook late Thursday. Ross Stores ( ROST ) +2.2% , also higher after its quarterly report . For stocks overall, "we continue to look upwards into year-end," King said. "Better in our view to not step aside right now, instead to wait until prices actually start to fall, that being actual evidence of the end of the happy time." Christopher Harvey, Wells Fargo's head of equity strategy, told clients Friday that the S&P 500 ( SP500 ) was helped this week by Nvidia's ( NVDA ) Q3 beat in financial results and its strong AI outlook, as well as positive macro readings for weekly jobless claims and the housing market. "Trump trade" winners this week include small caps ( RTY ), mid-caps and bitcoin ( BTC-USD ), Harvey said. The cryptocurrency traded above $99,000 on Friday, with investors watching for $100K. But "you're not alone if post-Election Day political uncertainties are making it difficult to assess the 2025 outlook. Risk/rewards keep us in SMID caps, Banks, and Comm Svcs," Harvey said. In the fixed-income market, the 10-year Treasury yield ( US10Y ) slipped 1 basis point to 4.41%. The 2-year yield ( US2Y ) gained 2 basis points to 4.38%. On the economic calendar, the S&P Global U.S. Composite PMI preliminarily increased to 55.3 in November vs. 54.1 in October, marking a 31-month high. The November U.S. Consumer Sentiment Index was revised to 71.8 from its initial print of 73.0. More on the markets Bitcoin: Buy The Breakout The Oil Market Is Misunderstood And Undersupplied Trump reportedly considers Warsh to head Treasury then the Fed $10,000 Invested Into A Portfolio Made Of Steel The level Bitcoin would have to reach under Trump to match Biden and his prior term