The Dow Jones Industrial Average (NYSE: DIA) rose on Thursday as market participants rotated out of technology names as new year enthusiasm continued.
The 30-stock average climbed about 270 points to settle at 49,266.11, while the broader market S&P 500 Index (NYSE: SPY) ticked above the flatline to end the session at 6,921.46. The tech-heavy Nasdaq Composite (NASDAQ: QQQ) slipped 0.4% to close at 23,480.01.
Making headlines, President Donald Trump announced late Wednesday that Venezuela will purchase American goods with revenue from oil sales. The imports will include agricultural products, medical devices and energy infrastructure goods. Trump also said he plans to increase military spendings by 50% to $1.5 trillion per ear, sending shares of Northrop Grumman (NYSE: NOC) and Lockheed Martin (NYSE: LMT) higher.
U.S. Treasury Secretary Scott Bessent also announced on Thursday that the Trump administration will be implementing Trump's "No Tax on American Car Loan Interest," sending shares of Detroit automakers Ford (NYSE: F), General Motors (NYSE: GM) and Stellantis (NYSE: STLA) higher. Paid interest on new U.S.-built vehicles purchased from 2025 to 2028 will be eligible for up to $10,000 in annual tax deductions, according to Bessent.
"This deduction helps lower monthly costs and makes car ownership more affordable when families need it most," Bessent wrote in a post on X. "The tax cut also supports American workers by applying solely to U.S.-assembled vehicles, strengthening domestic manufacturing."
Elsewhere, Walmart (NYSE: WMT) added Shishir Mehrotra, chief executive of artificial intelligence writing tool Superhuman, to its board of directors on Thursday, joining the board's Compensation and Management Development Committee and its Technology and eCommerce Committee.
"Shishir brings a rare combination of technical depth and product leadership," said Greg Penner, chair of Walmart's board, in a press release. "He has helped create and scale platforms that unlock creativity and productivity for people and teams at global scale."
Paramount Skydance (NASDAQ: PSKY) reaffirmed its bid to purchase Warner Bros. Discovery (NASDAQ: WBD), stating in a press release that its "fully financed" all-cash offer of $30.00 per share is "superior" to Netflix's (NASDAQ: NFLX) agreement.
"Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion," Paramount CEO David Ellison said in a statement. "Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process."
For Friday, market participants will turn their attention to December's labor market reading.