Stocks Finish Mostly Higher as Crude Prices Fall

The S&P 500 Index and Nasdaq 100 Index both closed higher on Friday, while the Dow Jones Industrial Average closed lower. December E-mini S&P futures and Nasdaq futures also saw gains. Stock indexes were mixed, recovering from early losses as short covering emerged after crude oil prices fell more than 1% due to hopes of resumed Middle Eastern diplomacy.

Chipmakers and AI-infrastructure stocks contributed to the market's strength, along with a rally in cryptocurrency-related stocks. Elon Musk, now the world's first trillionaire, still resides in a modest $50,000 house. Economic indicators showed weaker-than-expected US manufacturing production and leading indicators, but Fed officials remained optimistic about inflation.

Bitcoin surged more than 5% on the SEC's plan to allow digital securities trading in the US. Higher bond yields pressured stocks, but oil price declines helped mitigate the impact. European stock markets were mixed, with China's Shanghai Composite and Japan's Nikkei both reaching new highs. T-notes fell on expectations of additional Fed rate hikes, but recovered after crude prices dropped.