The Dow Jones Industrial Average closed at 35,294.76 with a gain of 382.20 points or 1.09%. The S&P 500 closed at 4,471.37 for a gain of 33.11 points or 0.75%. The Nasdaq Composite closed at 14,897.34 for a gain of 73.91 points or 0.50%. The VIX Volatility Index was lower at 16.30 for a loss of 0.56 points or -3.32%.
All three of the major U.S. indexes reported a second consecutive week of gains. The Dow Jones gained 1.6% for the week, while the S&P 500 gained 1.8% and the Nasdaq returned 2.2%.
For the year, the S&P 500 is up 19%, the Nasdaq is up 15.50% and the Dow Jones has a return of 15.09%.
Friday’s market movers
U.S. stocks ended higher Friday, with the major indexes posting their second week of consecutive gains. Stocks were helped Friday by an earnings beat from Goldman Sachs and a higher-than-expected retail sales report. During the week, banks and health care companies also reported upbeat results.
Looking ahead, investors still see uncertainty in supply chain issues, labor market challenges and the energy sector. Oil increased to over $82 per barrel this week as a global energy crisis still continues in several geographic regions.
On the economic calendar and in other news:
- Retail sales increased 0.7% in September, beating the estimate of -0.1%. Retail sales excluding autos increased 0.8%. Year over year, retail sales increased 13.9%. Many economists saw the strong results as a sign that Americans are spending more, potentially for a sustained economic recovery.
- Export prices increased 0.1% in September and 16.3% year over year. Import prices increased 0.4% in September and 9.2% year over year.
- NY Empire State Manufacturing Index decreased to 19.8 from 34.3.
- Michigan Consumer Sentiment Index down to 4 from 72.8.
- Business inventories increased 0.6% in August.
- Baker Hughes oil rig count showed an increase of 10 rigs in the U.S., an increase of one rig in Canada and an increase of 10 rigs internationally.
- World Bank/IMF Annual Meeting
- Bitcoin is trading around the $60,000 mark, with hopes of the first bitcoin futures exchange-traded fund.
Across the board Friday:
- Vantage Drilling Co. (VTGDF, Financial) soared 2,400%.
- Myanmar Metals Ltd. (MYL) climbed 900%.
- Waitr Holdings Inc. (WTRH, Financial) gained 37.86%.
- J B Hunt Transport Services Inc. (JBHT, Financial) increased 8.74%.
- Goldman Sachs Group Inc. (GS) rose 3.8% with revenue and earnings beat.
- Visa Inc. (V, Financial) with 2.62% as some of the top contributors.
- Amazon (AMZN, Financial) was up 3.31%.
- Amplify Transformational Data Sharing ETF (BLOK, Financial) rose 58%.
- KraneShares Electric Vehicles and Future Mobility (KARS, Financial) posted a gain of 1.98%.
- Alcoa (AA, Financial) shares rose 14.71% after good results.
- Virgin Galactic (SPCE, Financial) shares were down 16.83% after delaying a test flight.
- Charles Schwab Corp. (SCHW, Financial) shares were up 3.53% after reporting third-quarter profit and revenue above expectations.
- The 10-year Treasury ended with a yield of 1.574%.
In small caps, the Russell 2000 closed at 2,265.65 for a loss of 8.52 points or -0.37%. The S&P 600 closed at 1,363.91 for a loss of -6.34 points or -0.46%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,031.93 for a loss of 61.83 points or -0.41%. The Dow Jones U.S. Small-Cap Value Index closed at 11,324.67 for a loss of 9.17 points or -0.08%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,748.28 for a gain of 1.88 points or 0.068%; the S&P 100 at 2,053.52 for a gain of 18.87 points or 0.93%; the Nasdaq 100 at 15,146.92 for a gain of 94.50 points or 0.63%; the Russell 3000 at 2,658.14 for a gain of 16.19 points or 0.61%; the Russell 1000 at 2,512.94 for a gain of 17.02 points or 0.68%; the Wilshire 5000 at 46,506.96 for a gain of 302.41 points or 0.65%; and the Dow Jones U.S. Select Dividend Index at 849.57 for a loss of 0.35 points or -0.041%.