Stock market today: Wall Street cruises to more records as it closes its best week in a year

NEW YORK (AP) — U.S. stocks cruised to more records as they closed their best week in a year on Friday.

The S&P 500 rose 0.4% to cap its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 259 points, or 0.6%, while the Nasdaq composite added 0.1%.

The relatively quiet trading followed huge gains earlier in the week after Donald Trump won the presidential election and the Federal Reserve cut interest rates again to make things easier for the economy.

Axon Enterprise, which sells Tasers and body cameras used by police officers, helped lead the market. It jumped 28.7% after delivering stronger profit for the latest quarter than analysts expected. It also raised its revenue forecast for the full year to $2.07 billion, which would mean 32% growth.

Expedia Group rose 3.8% after likewise topping profit expectations. It said booked room nights rose 9% from a year earlier.

Helping to keep the market in check was Airbnb, which sank 8.7% after the online vacation rental platform posted a mixed third-quarter earnings report and issued forecasts for the fourth quarter that disappointed investors.

Digital pinboard and shopping site Pinterest slid 14% after the company’s revenue guidance came in lower than investors expected, even as it easily beat Wall Street’s sales and profit targets.

All told, the S&P 500 rose 22.44 points to 5,995.54. The Dow gained 259.65 to 43,988.99, and the Nasdaq composite edged up 17.32 to 19,286.78.

In the bond market, longer-term Treasury yields eased.

A preliminary report in the morning suggested sentiment among U.S. consumers rose for a fourth straight month to its highest level in six months. The survey from the University of Michigan, which was conducted before Tuesday’s election, also said expectations for inflation in the coming year eased to the lowest level since 2020.

The yield on the 10-year Treasury slipped to 4.30% from 4.33% late Thursday. But it’s still well above where it was in mid-September, when it was close to 3.60%.

Treasury yields climbed in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.

Some of the rise in yields has also been because of Trump. He talks up tariffs and other policies that economists say could drive inflation and the U.S. government’s debt higher, along with the economy’s growth.

Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also give inflation more fuel.

In stock markets abroad, Trump’s talk about tariffs has raised worries about possible trade tensions and disruptions to the global economy.

European indexes mostly sank to close out a losing week.

Markets in Hong Kong and Shanghai fell as investors awaited much-anticipated steps by Beijing to rev up the slowing Chinese economy following a meeting of the legislature’s Standing Committee. Officials announced a 6 trillion yuan ($839 billion), three-year plan to help local governments refinance their many trillions of debt that has ballooned during the COVID-19 pandemic and a collapse of the property market.

Financial markets worldwide have swung sharply as investors lay bets on what Trump’s plans for higher tariffs, lower tax rates and lighter regulation could mean for the global economy. But many professional investors have also urged caution, saying snaps back in prices could occur as it becomes more clear what proposals will become policy versus just starting points for negotiations.

“Our experience is that such narrow reactions have not historically made for durable investment opportunities, and we favor pausing to look more closely at the likely main policy initiatives,” according to Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.

U.S. banks and the stocks of more domestically focused companies have seen some of the wildest moves, as some of the poster children of the “Trump trade.”

The stock that’s become most synonymous with the president-elect, Trump Media & Technology Group, rose 15.2% Friday in its latest sharp swing to wipe out what had been a loss for the week.

AP Writers Matt Ott and Zimo Zhong contributed to this report.

Specialist Mike Pistillo, left and trader Peter Tuchman wear "S&P 6000" hats on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

Trader Michael Capolinoi works on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

Trader Robert Charmak works on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

Trader William Lovesick, left, and specialist James Denaro work on the floor of the New York Stock Exchange, Friday, Nov. 8, 2024. (AP Photo/Richard Drew)

A pair of traders work on the floor of the New York Stock Exchange, Thursday, Nov. 7, 2024, in New York, as Federal Reserve Chair Jerome Powell news conference in Washington is displayed on a monitor. (AP Photo/Richard Drew)

Comments by Federal Reserve Chair Jerome Powell appear on a bank of screens on the floor of the New York Stock Exchange, Thursday, Nov. 7, 2024, in New York. (AP Photo/Richard Drew)

A screen at a trading post on the floor of the New York Stock Exchange displays the Federal Reserve interest rate decision, Thursday, Nov. 7, 2024. (AP Photo/Richard Drew)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Tokyo Stock Price index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Nov. 8, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Azerbaijan on Thursday observed a nationwide day of mourning for the victims of the plane crash that killed 38 people and left all 29 survivors injured as speculation mounted about a possible cause of the disaster, with some experts saying that the airliner was damaged by Russian air defense fire.

Azerbaijan Airlines' Embraer 190 was en route from Azerbaijan's capital of Baku to the Russian city of Grozny in the North Caucasus on Wednesday when it was diverted for reasons yet unclear and crashed while making an attempt to land in Aktau in Kazakhstan after flying east across the Caspian Sea.

The plane went down about 3 kilometers (around 2 miles) from Aktau. Cellphone footage circulating online appeared to show the aircraft making a steep descent before smashing into the ground in a fireball. Other footage showed part of its fuselage ripped away from the wings and the rest of the aircraft lying upside down in the grass.

As the official crash investigation started, theories abounded about a possible cause, with some commentators alleging that holes seen in the plane’s tail section possibly indicate that it could have come under fire from Russian air defense systems fending off a Ukrainian drone attack.

Ukrainian drones had previously attacked Grozny, the provincial capital of the Russian republic of Chechnya, and other regions in the country’s North Caucasus. An official in Chechnya said another drone attack on the region was fended off on Wednesday, although federal authorities didn't report it.

On Thursday, national flags were lowered across Azerbaijan, traffic across the country stopped at noon, and signals sounded from ships and trains as the country observed a nationwide moment of silence.

Speaking at a news conference Wednesday, Azerbaijani President Ilham Aliyev said that it was too soon to speculate on the reasons behind the crash, but said that the weather had forced the plane to change from its planned course.

“The information provided to me is that the plane changed its course between Baku and Grozny due to worsening weather conditions and headed to Aktau airport, where it crashed upon landing,” he said.

Russia’s civil aviation authority, Rosaviatsia, said that preliminary information indicated that the pilots diverted to Aktau after a bird strike led to an emergency on board.

According to Kazakh officials, those aboard the plane included 42 Azerbaijani citizens, 16 Russian nationals, six Kazakhs and three Kyrgyzstan nationals. Russia's Emergencies Ministry on Thursday flew nine Russian survivors to Moscow for treatment.

Mark Zee of OPSGroup, which monitors the world’s airspace and airports for risks, said that the analysis of the fragments of the crashed plane indicate with a 90-99% probability that it was hit by a surface-to-air missile

Osprey Flight Solutions, an aviation security firm based in the United Kingdom, warned its clients that the “Azerbaijan Airlines flight was likely shot down by a Russian military air-defense system.” Osprey provides analysis for carriers still flying into Russia after Western airlines halted their flights during the war.

Osprey CEO Andrew Nicholson said that the company had issued more than 200 alerts regarding drone attacks and air defense systems in Russia during the war.

“This incident is a stark reminder of why we do what we do,” Nicholson wrote online. “It is painful to know that despite our efforts, lives were lost in a way that could have been avoided.”

Caliber, an Azerbaijani news website, claimed that the airliner was fired upon by a Russian Pantsyr-S air defense system as it was approaching Grozny. It questioned why Russian authorities failed to close the airport despite the drone attack on Wednesday and why they didn't allow the plane to make an emergency landing in Grozny or other Russian airports nearby after it was hit.

Asked about the claims that the plane had been fired upon by air defense assets, Kremlin spokesman Dmitry Peskov told reporters that “it would be wrong to make hypotheses before investigators make their verdict.”

Kazakhstan’s parliamentary Speaker Maulen Ashimbayev also warned against rushing to conclusions based on pictures of the plane’s fragments, describing the allegations of air defense fire as unfounded and “unethical.”

Other officials in Kazakhstan and Azerbaijan have similarly avoided comment on a possible cause of the crash, saying it will be up to investigators to determine it.

Jon Gambrell in Dubai, United Arab Emirates, and Aida Sultanova in London, contributed to this report.

In this photo provided by Azerbaijan's Presidential Press Office, Azerbaijani President Ilham Aliyev holds a meeting in Baku, Wednesday, Dec. 25, 2024 following an Azerbaijan Airlines Embraer 190 plane crash. (Azerbaijani Presidential Press Office via AP)

St. Petersburg Governor Alexander Beglov lays a bunch of flowers at the Consulate of Azerbaijan in the memory of victims of the Azerbaijan Airlines' Embraer 190 that crashed near the Kazakhstan's airport of Aktau, in St. Petersburg, Russia, Thursday, Dec. 26, 2024. (AP Photo/Dmitri Lovetsky)

Flowers and portraits are placed at the Consulate of Azerbaijan in the memory of victims of the Azerbaijan Airlines' Embraer 190 that crashed near the Kazakhstan's airport of Aktau, in St. Petersburg, Russia, Thursday, Dec. 26, 2024. (AP Photo/Dmitri Lovetsky)

In this photo taken from a video released by the administration of Mangystau region, a part of Azerbaijan Airlines' Embraer 190 lies on the ground near the airport of Aktau, Kazakhstan, on Thursday, Dec. 26, 2024. (The Administration of Mangystau Region via AP)

Azerbaijan's national flag at half-mast in the memory of victims of the Azerbaijan Airlines' Embraer 190 that crashed near the Kazakhstan's airport of Aktau, is seen in the center of Baku, Azerbaijan, Thursday, Dec. 26, 2024. (AP Photo/Aziz Karimov)

In this image taken from video released by the Russian Emergency Ministry Press Service, rescuers transport wounded passengers from a medical plane after the Azerbaijani Airline crashed, near the Kazakhstani city of Aktau, upon their arrival at the Zhukovsky airport outside Moscow, Russia, on Thursday, Dec. 26, 2024. (Russian Emergency Ministry Press Service via AP)

In this photo taken from a video released by the administration of Mangystau region, rescuers prepare to carry a wounded passenger near the Kazakhstani city of Aktau, Thursday, Dec. 26 , 2024, after a plane of Azerbaijani Airline crashed. (The Administration of Mangystau Region via AP)

In this photo provided by Azerbaijan's Presidential Press Office, Azerbaijani President Ilham Aliyev, center, holds a meeting following an Azerbaijan Airlines Embraer 190 plane crash, in Baku, Wednesday, Dec. 25, 2024. (Azerbaijani Presidential Press Office via AP)

In this image released by the Russian Emergency Ministry Press Service, rescuers carry a wounded passenger near the Kazakhstani city of Aktau, Thursday, Dec. 26 , 2024, after a plane of Azerbaijani Airline crashed. (Russian Emergency Ministry Press Service via AP)

In this image released by the Russian Emergency Ministry Press Service, rescuers prepare to carry a wounded passenger near the Kazakhstani city of Aktau, Thursday, Dec. 26 , 2024, after a plane of Azerbaijani Airline crashed. (Russian Emergency Ministry Press Service via AP)

In this photo released by Kazakhstan's Emergency Ministry Press Service, rescuers work at the wreckage of Azerbaijan Airlines Embraer 190 lays on the ground near the airport of Aktau, Kazakhstan, Thursday, Dec. 26, 2024. (Kazakhstan's Emergency Ministry Press Service via AP)

In this photo released by Kazakhstan's Emergency Ministry Press Service, rescuers work at the wreckage of Azerbaijan Airlines Embraer 190 lies on the ground near the airport of Aktau, Kazakhstan, Thursday, Dec. 26, 2024. (Kazakhstan's Emergency Ministry Press Service via AP)

The wreckage of Azerbaijan Airlines Embraer 190 lays on the ground near the airport of Aktau, Kazakhstan, Wednesday, Dec. 25, 2024. (AP Photo/Azamat Sarsenbayev)

In this photo taken from a video released by the administration of Mangystau region, the wreckage of Azerbaijan Airlines Embraer 190 lies on the ground near the airport of Aktau, Kazakhstan, Wednesday, Dec. 25, 2024. (The Administration of Mangystau Region via AP)

In this photo taken from a video released by the administration of Mangystau region, the wreckage of Azerbaijan Airlines Embraer 190 lies on the ground near the airport of Aktau, Kazakhstan, Wednesday, Dec. 25, 2024. (The Administration of Mangystau Region via AP)