The Nasdaq Composite surged, propelling U.S. stocks higher at the close of trading on Friday.
At the end of trading, the Dow escalated by 0.95% to 37,824.10, the NASDAQ gleamed with a 1.39% rise to 15,264.30, and the S&P 500 advanced 1.06% to 4,831.75.
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Bright and Dull Sectors
Information technology shares soared by 1.6% on Friday.
However, in trading on Friday, utilities shares dipped by 0.6%.
Major Outcome
State Street Corporation STT exceeded expectations, reporting robust earnings for the fourth quarter.
State Street announced a new authorization to buy back up to $5 billion of common shares, with no set expiration date.
Rising Equities
Kaman Corporation KAMN astonished investors as shares skyrocketed 101% to $45.17 following an announcement of its acquisition by Arcline for $1.8 billion.
Shares of Processa Pharmaceuticals, Inc. PCSA surged 27% to $0.2570 after the company expanded the NGC-Cap program into advanced or metastatic breast cancer.
Tricon Residential Inc. TCN also soared, gaining 28% to $11.07 after the company entered into an arrangement agreement for an acquisition.
Falling Equities
C3is Inc. CISS shares tumbled 64% to $0.1340 due to the announcement of an upsized underwritten public offering.
Shares of Azitra, Inc. AZTR were down 32% to $1.39 after the company filed for a public offering of 3 million shares.
iRobot Corporation IRBT fell 28% to $17.10 following a report suggesting the EU plans to block Amazon’s acquisition of the company.
Commodity Market
In commodity news, oil traded down 0.8% to $73.46, while gold traded up 0.4% at $2,028.80.
Silver traded down 0.5% to $22.685, and copper rose 1% to $3.7835 on Friday.
Euro Zone
European shares were mostly lower, with the eurozone’s STOXX 600 falling 0.26%, London’s FTSE 100 rising 0.04%, Spain’s IBEX 35 Index falling 0.22%, the German DAX falling 0.07%, and the French CAC 40 and Italy’s FTSE MIB Index also experiencing declines.
Producer prices in Germany declined 8.6% year-over-year in December compared to a 7.9% fall in the previous month. Retail sales in the UK also fell by 3.2% in December.
Asia-Pacific Markets
Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.40%, Hong Kong’s Hang Seng Index falling 0.54%, and China’s Shanghai Composite Index declining 0.47%, while India’s S&P BSE Sensex rose 0.70%.
Foreign direct investment into China declined by 8% year-over-year to CNY 1.13 trillion ($157.1 billion) in 2023. The business confidence indicator in Hong Kong also dipped to +1 in the first quarter.
Economic Indicators
U.S. existing-home sales fell by 1.0% from a month ago to an annualized rate of 3.78 million units in December, hitting the lowest level since Aug. 2010.
Additionally, the University of Michigan’s consumer sentiment surged to 78.8 in January, the highest level since July 2021, up from 69.7 in December.
The total number of active U.S. oil rigs fell by 2 to 497 rigs this week, Baker Hughes Inc reported.
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