Despite JPMorgan Chase's (JPM) recession warning, stocks managed to swing back into positive territory to close out the strong week. The Dow and S&P 500 logged four-straight daily gains, while the Nasdaq extended its win streak to six consecutive sessions -- its longest since November 2021. All three marked weekly wins, as well as their best weekly performances since mid-November. 

In addition to bank earnings, Wall Street also unpacked the University of Michigan consumer sentiment survey, which showed the one-year inflation outlook hitting its lowest level since April 2021. Looking ahead, U.S. markets will be closed on Monday in observance of Martin Luther King Jr. Day.

OIL, GOLD WRAP UP STELLAR WEEK WITH MORE GAINS

Oil prices extended their win streak to seven on Friday, settling at their highest level in more than two weeks and with a more than 8% weekly gain. Traders remained optimistic regarding demand out of China as the country eases Covid-19 measures. February-dated crude added $1.47, or 1.9%, to settle at $79.86 per barrel on the day.

Gold prices settled higher once again on Friday, forming a “golden cross” while nabbing a fresh eight-month high. Easing inflation and a weaker U.S. dollar continued to draw investors to the yellow metal. February-dated gold rose $22.90, or 1.2%, to settle at $1,921.70 per ounce. For the week, gold prices added 2.8%.

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