The major averages rebounded to end the shortened holiday week to start the New Year. The Dow Jones Industrial Average jumped 339 points or 0.8%. The S&P 500 rose 73 points or 1.26% while the Nasdaq Composite jumped 240 points or 1.77%.

Today looked a lot like 2024, with tech in the spotlight. Chip giant Nvidia rose 4%, while server maker Super Micro Computer jumped 9%. All the chip and chip equipment stocks performed well. Big cap tech had a good day as well. Tesla jumped 8% after a modest recent pullback. Apple was the only major tech stock lower today even though it was upgraded.

Bitcoin is off to a good start in 2025, up nearly a percent today and up 5% for the new year.

In the commodity space, gold was modestly lower, but oil continued its upward trend. A number of oil stocks were upgraded today including Devon, EOG and Diamondback Energy. To the downside, U.S. Steel was a dog down 5% after President Joe Biden said he would block the proposed acquisition by Nippon Steel. Booze and beer stocks were also in the red as the U.S. surgeon general issued an advisory on cancer risk related to alcohol consumption. Molson Coors fell 3% while Anheuser Busch fell 2%.

Friday's rally snapped a five-day losing streak for the Nasdaq and the S&P 500, but it wasn't enough to make the major averages winners on the week. The S&P 500 finished the week down 0.48%, but up for the year. The Dow lost 0.60% while the Nasdaq Composite lost 0.51% on the week.