• US stocks hit record highs as investors cheered Trump's election victory and market gains.
  • The Fed cut interest rates, Nvidia replaced Intel in the Dow, and the S&P 500 briefly crossed 6,000.
  • Investors will turn their attention to October inflation data next week.

US stocks jumped on Friday to record highs, capping off a monumental week for markets as investors cheered Donald Trump's election victory.

It was a big week for the market, and the momentum kept up even after the Dow Jones Industrial Average gained 1,500 points on Wednesday. The S&P 500 briefly crossed 6,000 for the first time, while the Dow topped 44,000 during the day, also a first as Nvidia replaced Intel in the index.

On Thursday, traders had more to cheer as the Federal Reserve cut interest rates again, this time by 25 basis points. Fed Chair Jerome Powell said the central bank was feeling good about the economy, with more easing on the table, even as bond markets repriced this week in anticipation of higher borrowing costs under Trump's second term.

At Friday's closing bell, stocks ended with their best weekly gain of 2024, with the S&P 500 and Nasdaq 100 jumping about 5%.

Bitcoin, meanwhile, continued a record run on Friday in the wake of Trump's win, with the token climbing past $76,500.

"The Trump rally isn't over, with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation, and made-in-America policies to power future gains," José Torres, a senior economist at Interactive Brokers, said. "Market participants are also catching a tailwind from a dovish Federal Reserve."

Also helping push stocks to records this week were solid earnings, with third-quarter results starting to wrap up.

So far, 90% of S&P 500 companies have reported earnings results. According to Fundstrat data, 77% of those companies beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%.

Investors will turn their attention to inflation data next week, with the October consumer price index set to be released on Wednesday and the October producer price index set to be released on Thursday.

Here's where US indexes stood at the 4 p.m. closing bell on Friday:

Here's what else happened Friday:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil declined 2.52% to $70.54 a barrel. Brent crude, the international benchmark, was lower by 2.09% to $74.05 a barrel.
  • Gold dropped 0.40% to $2,695.10 an ounce.
  • The 10-year Treasury yield declined 3 basis points to 4.313%.
  • Bitcoin gained 0.94% to $76,636.
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