Financial Markets                      01/02 09:36

   

   NEW YORK (AP) -- Stocks rose in morning trading on Wall Street Friday, 
joining global markets to kick off a new year on an upbeat note.

   The S&P 500 rose 0.7%. The benchmark index is coming off a gain of more than 
16% in 2025.

   The Dow Jones Industrial Average rose 42 points, or 0.1%, as of 10:03 a.m. 
Eastern. The Nasdaq composite rose 1.3%.

   Markets in Europe and Asia also made strong gains. Indexes in Britain and 
South Korea hit records.

   The gains are helping trim some of the broader weekly losses for the market, 
which is closing a shortened holiday week. Markets were closed Thursday for New 
Year's Day.

   Technology stocks were leading the market higher, especially companies with 
a focus on artificial intelligence, continuing the trend that pushed the 
broader market to records in 2025.

   Nvidia jumped 2.8% and was the biggest force pushing the market higher. 
Apple jumped 2% and Google's parent company, Alphabet, rose 2%. They are among 
the most valuable companies in the world and their outsized valuations give 
them more influence on the market's direction.

   Technology companies have been a major focus because of advancements in 
artificial intelligence technology and the potential for growth within the 
sector. Wall Street has been betting that demand for computer chips and other 
items needed for data centers will help justify the big investments from 
technology companies and their pricey stock values.

   Tesla rose 0.8% despite reporting falling sales for a second year in a row.

   E-commerce giant Alibaba climbed 4.3% and Baidu, maker of the Ernie chatbot, 
jumped 9.4% in Hong Kong after it said it plans to spin off its AI computer 
chip unit Kunlunxin, which would list shares in Hong Kong early in 2027. The 
plan is subject to regulatory approvals.

   Crude oil prices slipped. Prices for U.S. crude oil fell 1.2% to $56.73 per 
barrel. The price of Brent crude, the international standard, fell 1.2% to 
$60.13 per barrel.

   Gold prices kicked off the new year with more gains. The price of gold rose 
0.7%.

   Treasury yields held steady in the bond market. The yield on the 10-year 
Treasury rose to 4.18% from 4.17% late Wednesday. The yield on the two-year 
Treasury, which moves more closely with expectations for what the Federal 
Reserve will do, held steady at 3.48% from late Wednesday.

   ___

   AP business writer Elaine Kurtenbach contributed to this report.

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