The S&P 500 Index ($SPX) (SPY) Friday closed up +1.00%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.78%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.66%. March E-mini S&P futures (ESH25) are up +0.91%, and March E-mini Nasdaq futures (NQH25) are up +1.56%.
Stocks rallied Friday, with the S&P 500 and Nasdaq 100 posting 1-1/2 week highs and the Dow Jones Industrials posting a 1-month high. Strength in chip stocks boosted the overall market. Also, Friday's US economic news was better than expected and bolstered optimism in the economy. Dec housing starts rose +15.8% m/m to a 10-month high of 1.499 million, stronger than expectations of 1.327 million. Dec building permits, a proxy for future construction, fell -0.7% to 1.483 million, stronger than expectations of 1.460 million. In addition, Dec manufacturing production rose +0.6% m/m, stronger than expectations of +0.2% m/m and the largest increase in 4 months.
