ONEX:CC - Markets Gather Strength to End Week
The S&P 500 rose Friday as Wall Street continued monitoring the situation surrounding the debt ceiling, and traders looked to wrap up a solid week of trading.
The Dow Jones Industrials advanced 88.01 points to kick off the week's last session at 33,623.96.
The S&P 500 progressed 14.27 points to 4,212.32.
The NASDAQ added 17.29 points to 12,706.13.
Foot Locker plunged 25% after missing first-quarter expectations on the top and bottom lines. Meanwhile, Deere rose 4% after beating fiscal second-quarter expectations.
The major averages are headed for weekly gains. The S&P 500 is up 2% week to date. That would be its biggest one-week advance since March. The NASDAQ, meanwhile, has risen 3.5% for the week. That would also be its best weekly performance since March. The Dow is up 0.8%.
A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.
Nevertheless, SoFi's Liz Young advised caution for investors, saying there are troubling signs ahead even as stocks continue to trade in a tight range in search of a catalyst.
Prices for the 10-year Treasury skidded, raising yields to 3.70% from Thursday's 3.65%. Treasury prices and yields move in opposite
directions.
Oil prices regained 47 cents to $72.41 U.S. a barrel.
Gold prices recovered $3.40 to $1,963.20 U.S. an ounce.