Stocks Head for Winning Week

The S&P 500 inched higher on Friday, extending weekly gains as the latest economic data added to a positive picture of the economy.

The Dow Jones Industrials paused for lunch up 110.66 points to 38,159.79.

The S&P 500 index revived 5.16 points to 4,899.32.

The NASDAQ gained 0.45 points to 15,510.94.

The major averages are also tracking for a winning week. The S&P 500 and technology-heavy NASDAQ Composite have advanced more than 1% each, while the blue-chip Dow has gained 0.8%.

But selloffs among some well-known stocks on the back of earnings reports restricted gains.

Chipmaker Intel dropped more than 11% on Friday after offering a disappointing fiscal first-quarter outlook. Semiconductor stock KLA Corp slid more than 5% in the session after the company posted light guidance for its fiscal third quarter.

Elsewhere, Tesla, a retail investor darling, was on pace for its worst week since October. Shares took a leg down after the electric vehicle maker posted disappointing earnings and warned of trouble in 2024.

Stocks got a boost this week from encouraging economic data. More positive numbers came Friday.

December’s core personal consumption expenditures price index came in line with economists’ forecasts month over month, but was slightly lower than anticipated on an annualized basis, data released Friday shows. It’s a preferred gauge of inflation for the Federal Reserve, which sets monetary policy.

Friday’s PCE print came a day after gross domestic product data revealed higher-than-expected economic growth in the fourth quarter. That bolstered investors’ hopes that the economy has avoided a deep recession.

Prices for the 10-year Treasury reversed, raising yields to 4.14% from Thursday’s 4.13%. Treasury prices and yields move in opposite directions.

Oil prices dipped $1.18 to $76.18 U.S. a barrel.

Gold prices fell 30 cents to $2,017.50.

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