Investing.com – U.S. stocks rose on Friday, heading for a positive week with the quarterly earnings season in full swing.
At 09:40 ET (14:40 GMT), it rose 305 points, or 0.7%, gained 50 points, or 0.8%, and climbed 260 points, or 1.4%.
Wall Street’s major indexes are on track for a positive week, the first full week of trading in 2025, after mild inflation data fueled bets that the Federal Reserve will cut interest rates further this year.
Trump’s inauguration is approaching
Investors remain confident but now await the inauguration of President-elect Donald Trump on January 20, amid heightened speculation about his plans to impose trade tariffs on major economies, particularly China.
“There are lingering concerns about ‘day one’; measures, some of which have already been factored in, that could produce some volatility early next week,” ING analysts said in a note.
Additionally, Trump said earlier on Friday in a post on Truth Social that he spoke by phone with Chinese President Xi Jinping on Friday, calling the call “very good for both China and the US.”
“I expect that we will solve many problems together, and immediately,” said the newly elected president. “We talked about balancing trade, fentanyl, TikTok and many other topics. President Xi and I will do everything possible to make the world more peaceful and secure!”
Earnings begin to rise
The focus also remains on the earnings season, following a series of positive bank earnings this week. A host of major tech, industrials and consumer stocks will report earnings next week.
on Thursday, Morgan Stanley (NYSE: ) revealed a rise in fourth-quarter earnings, while Bank of America (NYSE: )’s revenue for the period topped estimates. The data came after major industry players such as JPMorgan Chase (NYSE: ) (NYSE:JPM) and Goldman Sachs (NYSE: ) posted solid numbers on Wednesday.
Elsewhere, JB Hunt Transport Services (NASDAQ:) fainted after its fourth-quarter earnings missed expectations, while shares of Schlumberger (NYSE: .
Rivian Automotive (NASDAQ: ) also gained after Spiegel magazine reported that German auto giant Volkswagen ( ETR: ) is considering ways to deepen its partnership with the U.S. electric car maker.
Rough heads for the weekly gain
Oil prices fell on Friday as traders banked on some of the recent gains, but the market is still on course for a fourth straight weekly gain and the latest US sanctions on Russian crude trade remain supportive.
By 05:50 ET, U.S. crude futures (WTI) were down 0.6% at $77.36 a barrel, while the contract was down 0.7% at $80.73 a barrel. Both contracts are up roughly 3% so far this week.
The Biden administration last week announced expanded sanctions targeting Russian oil producers and tankers, prompting some observers to predict possible supply disruptions and price increases.
(Ambar Warrick contributed to this article.)
