Stocks climbed higher Friday afternoon as Wall Street delivered its first weekly gain of 2025. The Dow Jones Industrial Average rose over 330 points, while the S&P 500 Index and Nasdaq Composite advanced about 1% and 1.5%, respectively.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +1.00% or +59.32 points to 5,996.66

Dow Jones Industrial Average (DIA  ): +0.78% or +334.70 points to 43,487.83

Nasdaq Composite Index (QQQ  ): +1.51% or +291.91 points to 19,630.20

Weekly Recap:

For the week, the Dow and S&P 500 rose by roughly 4% and 3%, respectively, bringing each to their biggest weekly gains since the post-U.S. presidential election rally in early November. The Nasdaq has also risen more than 2% this week.

Much of the week's gains can be attributed to two soft inflation reports for both wholesalers and the U.S. consumer, with the core consumer price index posting a lighter annual reading than economists anticipated and the producer price index advancing at a smaller rate than expected for December. Strong earnings from bank including Goldman Sachs (GS  ), JPMorgan Chase (JPM  ), Citigroup (C  ) and Wells Fargo (WFC  ) also helped boost broader market gains this week.

In Economic News:

U.S. Housing Starts and Building Permits rose at a faster-than-expected rate in December even as mortgage rates increased above 7% for the first time since May, the Census Bureau reported Friday.

New construction totaled a seasonally adjusted annualized rate of 1.499 million last month, rising 11.3% from November and coming in well above economist consensus estimates for 1.33 million. Permits totaled a more than expected 1.482 million in December, but were slightly below the previous month's total.

"We expect a cocktail of building material tariffs and stricter immigration rules affecting construction labor under the new Trump administration, as well as the overhang of new homes for sale that has developed in some regions, to discourage builders from starting new projects in the second half of the year and into 2026, causing starts to tail off," said Thomas Ryan, North America economist at Capital Economics, quoted by Yahoo!finance.

In the News:

The U.S. Federal Trade Commission (FTC) sued PepsiCo (PEP  ) on Friday, alleging the food and beverage giant violated the Robinson-Patman Act by giving an unnamed retailer more favorable prices than other competitors. The Robinson-Patman Act prohibits sellers from giving competing buyers different prices for the same product or selectively providing allowances.

The complaint is currently sealed, with the FTC saying that a "substantial portion" the alleged violations are redacted in the lawsuit, citing legal protections offered to Pepsi and the big box retailer.

The U.S. Supreme Court on Friday upheld the law requiring ByteDance to divest its ownership of TikTok by Sunday or face a ban of the popular social media app in the United States. In an unanimous decision, the Supreme Court ruled in favor of the Biden administration, upholding the Protecting Americans from Foreign Adversary Controlled Applications Act signed by President Joe Biden in April.

"There is no doubt that, for more than 170 million Americans, TikTok offers a distinctive and expansive outlet for expression, means of engagement, and source of community," the court's opinion said. "But Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok's data collection practices and relationship with a foreign adversary."

Under the law, third-party app stores like Apple (AAPL  ) and Google (GOOG  ) (GOOGL  ) will be penalized for supporting TikTok after the Jan. 19 deadline. TikTok's U.S. operations are valued between $40 billion and $50 billion, according to an estimate by CFRA Research Senior Vice President Angelo Zino.

Bumble (BMBL  ) founder Whitney Wolfe Herd will return to lead the dating app as Chief Executive Officer, the company announced Friday, taking back the position after stepping down more than a year ago. The company's current CEO Lidiane Jones has resigned for "personal reasons," the company stated, and will continue to lead Bumble through its leadership transition in mid-March.

Wolfe Herd founded the company in 2014 in effort to address the growing market for a safer online dating community for women; the app was initially designed for women to make the first move but has since pivoted to a new "Open Moves" feature that allows all users to add prompts to their profile for potential matches to respond to. Bumble went public in 2021 with a debut market cap of $7.7 billion, but its valuation has since fallen to about $850 million.

Bank of America analyst Andrew Didora upgraded American Airlines (AAL  ) to Neutral from Underperform on Friday and raised its price target to $20 from its prior $12, citing "solid premium revenues, a build back of corporate travel, and growth on Atlantic routes," as potential tailwinds for the airline.

"Further, AAL could realize outsized benefit from the return of corporate travel given its $1.5B market share loss in 1H24," Didora added. "As such, we no longer believe an Underperform rating is warranted and upgrade to Neutral, which balances the revenue potential with execution risk, in our view."

In contrast, Didora downgraded shares of rivals Southwest Airlines (LUV  ) and JetBlue Airways (JBLU  ) on Friday to Underperform from Neutral, citing less exposure to corporate, premium and international routes.

Looking Ahead:

Markets will be closed on Monday, January 20, in observance of Martin Luther King, Jr. Day. Monday is the day Donald Trump will be inaugurated as president for the second time. Wall Street will open at regular hours on Tuesday, with market participants expected to react to earnings reports from companies including 3M (MMM  ) and Charles Schwab (SCHW  ) before market open.

This article has finished updating for the day.