The S&P 500, Dow Jones, and Nasdaq all fell slightly on Friday. However, the S&P 500 still closed the week up by 1.4%, and the Nasdaq 100 closed the week up by 1.2%. The 10-year T-note yield fell by 0.6 basis points, giving support to the stock market. The US GDP rose by 4.3%, contributing to confidence in the economy. Gold, silver, and platinum reached all-time highs due to dollar weakness and geopolitical tensions, such as US strikes on ISIS targets in Nigeria and tensions in Venezuela. Progress may be made on a Ukraine-Russia peace deal. Stocks are bullish due to seasonal factors, with a historical 75% chance of the S&P 500 rising in the last two weeks of December. Overseas markets closed higher, with China’s Shanghai Composite up for the eighth consecutive day. The Magnificent Seven stocks closed mixed, with Nvidia rising by 1.0%. Chip stocks closed mixed, with Nvidia leading the upside. Cryptocurrency-exposed stocks closed mostly lower, with Bitcoin falling by 0.4%. Energy companies showed weakness due to a plunge in crude oil prices, while mining companies saw strength. Target closed up by more than 3% after reports of activist investor interest.

Read more at Barchart: Stocks Rally During the Week Due to Economic Confidence