Stocks finished firmly higher Friday. The Dow added 183 points to 24,737 while the S&P 500 gained 22 points to 2,664. The Nasdaq Composite climbed 91 points to 7,164.
The major averages advanced amid a flurry of corporate earnings reports. Stocks were also boosted after U.S. lawmakers agreed to a short-term deal to end the partial government shutdown. A separate report that the Federal Reserve may end its balance sheet reduction program sooner than anticipated further improved sentiment. Despite today’s gains, the S&P 500 posted its first weekly decline of 2019, losing 0.2%. Meanwhile, the Dow and Nasdaq both added 0.1% for the week. On the data front, scheduled updates on new home sales and durable goods orders have been postponed due to the government impasse.
Nine of 11 S&P 500 sectors ended in positive territory. The Materials group paced gains with DowDuPont climbing 2.6% to $57.77. In earnings news, Intel slipped 5.5% to $47.04 after falling short of revenue estimates and lowering its current quarter guidance. Western Digital gained 7.5% to $43.16 after management announced an $800 million expense reduction plan. Meanwhile, Starbucks added 3.6% to $67.09 after the coffee maker beat earnings forecasts citing strong domestic drink sales.
Breadth was positive on issues by 4:1 on the NYSE and 7:3 on the Nasdaq. Composite NYSE Volume was more than 3.7 billion shares.
Treasuries weakened with the yield on the 10-year note adding four basis points to 2.75%. In commodities, WTI crude advanced 0.8% to $53.56/barrel. COMEX gold climbed 1.5% to $1,298.50/ounce amid a weaker dollar.