Dow +339.86 at 42732.13, Nasdaq +340.88 at 19621.67, S&P +73.92 at 5942.47
The stock market was in rally mode, benefiting from buying interest after the recent declines. The S&P 500 closed 1.3% higher than Thursday, but was 0.5% lower since the start of the Santa Claus rally period (last five trading days of the year and first two of the new year). The index was just below its 50-day moving average (5,944).
Gains were widely spread. Market breadth favored losers with a ratio of about 3 to 1 on the NYSE and Nasdaq. 24 of the 30 Dow components posted gains and all 11 S&P 500 sectors closed higher. The consumer discretionary sector led by a wide margin, rising 2.4%, thanks to a surge in Amazon.com $AMZN (+0.28%) and a big move in Tesla. Shares of $TSLA (-0.03%) recovered from their 20% drop from their December highs to yesterday's close.
Other mega cap names outperformed the broader stock market and boosted index performance. The Vanguard Mega Cap Growth ETF $MGK (+0.09%) closed 1.7% higher.
Apple $AAPL (+0.23%) was an exception, continuing declines related to iPhone discounting and declining demand in China.
Shares of US Steel $X (+0.31%) also went against the uptrend, slipping after the White House confirmed that President Biden will block the acquisition of Nippon Steel $NPSCY takeover. Nippon Steel Corporation and US Steel released a statement condemning the US government's decision to block the proposed acquisition of US Steel, calling it illegal.
The yield on 10-year bonds rose two basis points to 4.60% and the yield on 2-year bonds rose three basis points to 4.28%.