How the major USA stock indexes fared Friday

How the major USA stock indexes fared Friday

Stocks are rising broadly in midday trading on Wall Street, putting the S&P 500 index on track to post its third straight weekly gain. The benchmark index is now just under 1 percent from its most recent all-time high set on September 20, reflecting the strong rebound for the market this year after a dismal slide in December.

Wall Street was full steam ahead at the open after JPMorgan Chase and Wells Fargo kicked off the earnings season with strong quarterly reports. Banks have been benefiting from higher interest rates, which allow them to book fatter profits from making loans.

Walt Disney Co jumped 11.5 per cent to an all-time high, providing the biggest boost to the Dow and the S&P 500 after pricing its upcoming streaming service. Disney will probably be moving head-to-head with Netflix, which fell 3.7%.

ANALYST'S TAKE: The market is coming off a wobbly week as investors anxious that the early first-quarter earnings reports would come in even weaker than the low expectations analysts already have. They are the first major bank to release financial results.

"In general, you need to have the financial companies participate in order for a market advance to continue", Stovall said.

At 7:14 a.m. ET, Dow e-minis were up 183 points, or 0.7%.

The Dow Jones Industrial Average rose 269 points, or 1%, to 26,412. The average is still down slightly for the week.

The Nasdaq composite rose 0.4 percent.

The gauge of current conditions rose to a four-month high of 114.2, while the expectations gauge fell to 85.8.

US stocks moved broadly higher in early trading Friday on Wall Street, putting the market on track for gains at the end of a shaky week. Health care stocks lagged.

However, of the 29 companies in the S&P 500 that have reported thus far, 79.3 per cent have come in above analyst expectations.

A surge in the exports of China put in check fears within a global economic downturn. That marks a turnaround from a severe contraction in February as the US and China continue negotiating a resolution to their costly trade war.

David Cheetham, chief market analyst at XTB, said: "Compared to levels seen in recent years these figures aren't actually that elevated, but they do represent a pick-up compared to the latest numbers and suggest the world's second-largest economy is scaling back on its deleveraging efforts in a bid to bolster growth".

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Investors will be focusing over the next few weeks on company earnings reports in hopes of gleaning clues about the trajectory of the US economy and corporate profits. Citigroup, UnitedHealth Group and Johnson & Johnson are among the larger companies releasing results next week. The expected drop in profits is due nearly entirely to weaker profit margins.

Shares of the largest United States bank by assets rose 3.83% after the company beat quarterly profit estimates, easing fears that slowing economic growth could weigh on its results. The stock fell 2.6 percent.

USA markets are primed for big gains to end the week after JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) kicked off earnings season with a bang. Those higher prices allow more to charge for credit cards and credit.

Goldman Sachs picked up 2.5%, Bank of America added 3.2% and Citigroup rose 2.1%. Disney, which gained 11% after revealing details about its new streaming service Disney+, was more than enough to right the ship.

Disney Plus video is scheduled to roll out on November 12 at $6.99 per month.

Disney soared 10.3% after unveiling a new video streaming service to go up against Netflix.

Oil prices have soared almost 40 percent so far this year, providing them more money and sending energy company revenues higher.

Anadarko Petroleum shares surged 32.01% in the session after it agreed to be bought by Chevron in a $33bn cash and stock deal.

Pioneer Natural Resources rose 9.8% and Devon Energy rose 5.7 percent.

Energy futures closed mostly higher. Brent crude gained 1 percent to close at $71.55 a barrel.

The dollar rose to 112.08 yen from 111.66 yen on Thursday.

The S&P 500 crossed the 2,900 mark for the first time since early October on Friday, boosted by a jump in Walt Disney shares and as bank stocks surged after strong results from JPMorgan.

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