04:49 PM EST, 01/24/2025 (MT Newswires) -- The Standard & Poor's 500 index rose 1.7% this week, boosted by better-than-expected quarterly results and optimism that the Trump administration will reduce taxes and regulations.

The market benchmark ended Friday's session at 6,101.24. It reached a record intraday high of 6,128.18 on Friday but ended the session slightly below the record closing level of 6,118.71 posted on Thursday. The S&P 500 is now up 3.7% for the month and 25% from a year ago.

The week had only four trading sessions as the US stock market was closed on Monday for Martin Luther King Jr. Day.

Monday was also Inauguration Day, marking the start of President Donald Trump's second term. Investors are hopeful the newly inaugurated president will follow through on plans to cut taxes and regulations.

Sentiment was also boosted by stronger-than-expected quarterly earnings from companies including GE Aerospace (GE), Union Pacific ( UNP ) and Netflix ( NFLX ) .

By sector, communication services had the largest percentage gain of the week, up 4%, followed by a 2.9% increase in health care and a 2.4% rise in industrials.

Netflix ( NFLX ) was the top performer in communication services, with its shares climbing 14% on the week as the streaming entertainment company reported Q4 earnings and revenue above expectations as it added 18.9 million subscribers worldwide, almost double market estimates. Netflix ( NFLX ) also issued above-consensus Q1 guidance.

In health care, shares of Moderna ( MRNA ) jumped 22% after the vaccine maker was awarded $590 million by the US Department of Health and Human Services for the development of mRNA-based influenza vaccines. Moderna ( MRNA ) also said it has been awarded a tender to supply its COVID-19 vaccine in the European Union, Norway and North Macedonia.

GE Aerospace shares led the industrials sector's gainers, rising 7.6% as the company reported Q4 adjusted earnings per share and revenue above analysts' mean estimates. The high end of the company's guidance range for 2025 adjusted EPS also surpassed analysts' mean estimate.

Energy was the lone decliner for the week, shedding 2.9% amid a drop in crude oil futures.

Shares of Halliburton ( HAL ) fell 7% as the company's Q4 adjusted earnings per share came in a penny above analysts' consensus estimate but its revenue slightly missed the Street view.

Next week's earnings calendar features AT&T (T), Boeing (BA), Starbucks (SBUX), Microsoft (MSFT), Meta Platforms (META), Tesla (TSLA), International Business Machines (IBM), Apple (AAPL), Visa (V), Mastercard (MA), Caterpillar (CAT), United Parcel Service (UPS), Exxon Mobil (XOM), AbbVie (ABBV) and Chevron (CVX).

Economic data will include December new and pending home sales, Q1 gross domestic product and the December personal consumption expenditures price index, among other reports. Also, the Federal Open Market Committee will hold its first meeting of 2025.