Stock Market Today: S&P 500 Enters Bull Market, Dow Flat in Midday Trading

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Jun. 9, 2023 at 2:44 PM EDT

U.S. stocks rose Friday afternoon, putting all three major indexes on course to post gains for the week.

Trading was relatively quiet the past several days, with investors largely in wait-and-see mode ahead of next week's inflation data and Federal Reserve interest-rate decision.

Underneath the surface, though, a number of stocks staged big rallies—helping lift the S&P 500 out of a bear market on Thursday, and setting the Nasdaq Composite on course for its longest streak of weekly gains since 2019.

Tesla stock, which surged all week long, extended its rally Friday after General Motors said it would produce electric vehicles with Tesla charge ports starting from 2025. Chipmakers added to their substantial gains for the year, as shares of companies like Nvidia and Advanced Micro Devices have soared thanks to rising interest in companies at the forefront of artificial intelligence and computing.

In afternoon trading:

Stocks were higher. The S&P 500 was just above the level it needs to close at to mark a fresh 52-week high. The index was also on track for its fourth straight week of gains, while the Nasdaq Composite was on track for its seventh straight weekly gain.

Tesla shares headed for their 11th straight session of gains. If the electric-car maker holds onto its gains through the close, it will have tied its longest winning streak ever: the 11 straight sessions through January 2021.

Treasury yields edged higher. The yield on the 10-year note crept up to 3.735%, from 3.714% a day earlier. Yields rise as bond prices fall.

Overseas stocks were mixed. Asian stocks gained, with Japan's Nikkei 2% higher and Hong Kong's Hang Seng up 0.5%. The Stoxx Europe 600 fell 0.1%.

The Turkish lira continued to slide. The currency hit a new record low against the dollar after a former First Republic executive was appointed to listbpos1">head Turkey's central bank.

—By Akane Otani and Chelsey Dulaney

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