TCN - S&P 500 Gains 1%; State Street Reports Upbeat Earnings | Benzinga
U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Friday.
The Dow traded up 0.95% to 37,824.10 while the NASDAQ rose 1.39% to 15,264.30. The S&P 500 also rose, gaining, 1.06% to 4,831.75.
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Leading and Lagging Sectors
Information technology shares rose by 1.6% on Friday.
In trading on Friday, utilities shares fell by 0.6%.
Top Headline
State Street Corporation (NYSE: STT) posted better-than-expected earnings for its fourth quarter.
State Street reported fourth-quarter revenues of $3.04 billion, down 4% Y/Y, beating the consensus estimate of $2.95 billion. EPS (ex-notable items) of $2.04 beats the consensus estimate of $1.83.
State Street announced new authorization to repurchase up to $5 billion of common shares with no expiration date.
Equities Trading UP
Kaman Corporation (NASDAQ: KAMN) shares shot up 101% to $45.17 after the company announced it will be acquired by Arcline for $1.8 billion.
Shares of Processa Pharmaceuticals, Inc. (NASDAQ: PCSA) got a boost, surging 27% to $0.2570 after the company announced the expansion of the NGC-Cap program into advanced or metastatic ...