(MENAFN- Baystreet.ca)
Stocks rose on Friday after a slew of positive corporate news that included strong bank earnings and Disney unveiling a new streaming service.
The Dow Jones Industrial Average leaped 269.25 points, or 1%, to 26,412.30
The S&P 500 acquired 19.09 points to 2,907.41.
The benchmark broke above the key 2,900 level for the first time in six months and stood at less than 1% from a record high. It's also the third consecutive weekly gain for the S&P 500.
The NASDAQ Composite gained 36.81 points to 7,984.16
J.P. Morgan Chase kicked off the corporate earnings season on Friday by reporting better-than-expected results. The company said "impact of higher rates" boosted its results, along with its fixed-income trading revenues. Wall Street cheered J.P. Morgan's report, sending the stock up 4.7%.
Wells Fargo also reported better-than-expected results on the back of its consumer lending business.
Investors came into the season expecting it to be a tough one for companies. Experts expected first-quarter earnings to have fallen 4.2% in the first quarter.
Disney shares added to the gains, rising more than 11% after the media giant unveiled a streaming service at a lower price point than Netflix. Shares of Netflix, meanwhile, dipped 4.5%.
Sentiment was also boosted on Friday by a massive deal in the energy sector. Dow member Chevron announced plans to acquire Anadarko Petroleum for $33 billion in cash and stock. The deal values Anadarko at a 37% premium from the stock's close on Thursday. Anadarko shares jumped 32% while Chevron fell nearly 5%.
Friday's gains put the S&P 500 on pace for its third consecutive weekly gain. On top of Friday's deluge of corporate news, investors digested the release of the Federal Reserve's minutes from its March meeting as well as further progress on U.S.-China trade talks.
Prices for the benchmark 10-year U.S. Treasury fell sharply, raising yields to 2.56% from Thursday's 2.50%. Treasury prices and yields move in opposite directions.
Oil prices held onto gains of 21 cents to $63.79 U.S. a barrel.
Gold prices regained 50 cents to $1,293.80 U.S. an ounce.
MENAFN1204201902120000ID1098382899
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.