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Market Snapshot: Nasdaq ends at a fresh record, banks gain; Dow retreats from 20,000

U.S. stocks rose moderately Friday on the back of quarterly earnings from some of the country’s biggest banks, as the Nasdaq closed at a record.

Markets have been in an updraft since November’s presidential election, with the bulk of the gains coming from the financial sector, as investors have bet banks would benefit from deregulation under President-elect Donald Trump’s coming administration and an environment that is expected to see rising interest rates.

The strength of the rally—the financial sector is up nearly 20% since the election—could have left stocks vulnerable if the quarterly results disappointed.

However, the Dow Jones Industrial Average and the S&P 500 finished lower for the week.

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