US stocks ended up. Dow jumps 650 pts but still down on week. Govt shutdown averted.
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 • USA TODAY

U.S. stocks ended the day higher, with the blue-chip Dow clawing back 675 points, on optimism the government will stay open.

Senate Minority Leader Chuck Schumer, D-NY., said he wouldn’t block a Republican government funding bill, reducing the odds of a government shutdown Friday night. If the Senate passes the bill, it would then go to President Donald Trump for a signature. A shutdown occurs after 11:59 p.m. ET Friday if no law is enacted by then.

The broad S&P 500 index added 2.13%, or 117.42 points, to 5,638.94, while the 30-stock Dow jumped 1.65%, or 674.62 points, to 41,488.19. The tech-heavy Nasdaq advanced 2.61%, or 451.07 points, to 17,754.09. Even with Friday's strong gains, The Dow had its worst week since March 2023.

The benchmark 10-year yield rose to 4.318% and gold surged above $3,000 per ounce for the first time ever before settling below that level on inflation worries. Inflation erodes the fixed returns of a Treasury note and gold is seen as a safe-haven asset during tumultuous or uncertain times.

A survey from the University of Michigan showed consumers expect inflation of 4.9% over the next year, up from 4.3% last month. Overall sentiment dropped to a 29-month low because of "the high level of uncertainty around policy and other economic factors," survey director Joanne Hsu said in a statement.

Stocks tumbled most of the week on fears President Donald Trump's erratic tariff plans will sink economic growth and reignite inflationary pressures. The S&P 500 and Nasdaq, posted their fourth consecutive week of losses and are each at least 10% below their record highs, or what's considered a correction. The S&P 500 closed at its lowest level since September on Thursday.

Even as stocks slid, some, like Former Treasury Secretary Steve Mnuchin, said the market's overreacting and doubt a recession's coming.

“I don’t see us at all going into a recession,” Mnuchin, formerly a Treasury secretary under Trump's first administration, told Bloomberg on Thursday. “We could have a little bit of a slowdown in the economy as we pull back on government spending, but I don’t think investors should be concerned about a recession.”

He added, "a 5% to 10% correction on the S&P or the Nasdaq actually makes sense."

Magnificent bears
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Five of the so-called Magnificent 7, or mega-cap stocks that have led the stock market higher these past few years, have fallen at least 20% from their record highs, which is considered officially bear market territory.

The Magnificent 7 stocks include Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla. Of those, Tesla, Nvidia, Meta, Alphabet, and Amazon are in bear markets, based on being at least 20% lower than their record high.

Corporate news
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- Ulta topped analysts' earnings estimates in the last three months of the year but issued softer-than-expected guidance. The chief executive said the company shouldn't be affected too much by tariffs. Shares gained almost 14%.
- DocuSign's earnings topped analysts' expectations in the last three months of the year but its sales outlook missed. Shares jumped nearly 15%.
- Rubrik's results in the final three months of last year beat Wall Street’s expectations. Shares of the data management company rallied 27.77%.

Cryptocurrency
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- Bitcoin prices rose, last up 4.16% at $84,486.88, in line with improved sentiment for riskier assets.
- The Bank of Russia also proposed on Wednesday allowing a limited group of qualified investors to purchase and sell cryptocurrencies under a new three-year experimental legal regime.

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