- US stocks climbed Friday as investors digest strong earnings and comments from Fed officials.
- Shares of Ross Stores, Palo Alto Networks, Live Nation, and Gap, among others, rallied Friday.
US stocks climbed Friday as a slate of upbeat earnings reports rolled in, though indexes remain on track to finish lower for the week.
Shares of Foot Locker jumped more than 16%, Gap climbed 9%, and Palo Alto Networks moved 7% higher. Ross Stores, Live Nation, and Applied Materials all ticked higher, too.
But for the week, the Dow is down 0.6%, the S&P 500 is off by 1.2%, and the Nasdaq is 1.6% lower, as investors weighed hawkish comments from Fed officials.
On Thursday, St. Louis Fed President James Bullard made the case for additional rate hikes.
"Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023," he said. "To attain a sufficiently restrictive level, the policy rate will need to be increased further."
Here's where US indexes stood as the market opened 9:30 a.m. on Friday:
- S&P 500: 3,978.88, up 0.82%
- Dow Jones Industrial Average: 33,796.57, up 0.75% (250.25 points)
- Nasdaq Composite: 33,796.57, up 0.75%
Here's what else is happening:
- Nobel laureate Paul Krugman called for a crypto crackdown, and warned that regulation could wipe out the industry.
- Despite growing concerns over FTX's sudden collapse, bitcoin is headed for a weekly gain.
- Citadel CEO Ken Griffin said US inflation has peaked and a recession is on the way.
- In the aftermath of FTX's implosion, billionaire David Rubenstein compared investing in crypto to a trip to Las Vegas.
In commodities, bonds, and crypto:
- Oil prices dropped, with West Texas Intermediate down 4.31% to $78.13 a barrel. Brent crude, the international benchmark, fell 3.72% to $86.44 a barrel.
- Gold edged lower 0.06% to 1,762.10 per ounce.
- The 10-year yield ticked higher 2 basis points to 3.793%.
- Bitcoin climbed 0.62% to $16,762.