The Dow Jones Industrial Average closed at 24,242.49 on Friday with a gain of 704.81 points or 2.99%. The S&P 500 closed at 2,874.56 for a gain of 75.01 points or 2.68%. The Nasdaq Composite closed at 8,650.14 for a gain of 117.78 points or 1.38%. The VIX Volatility Index was lower at 37.96 for a loss of 2.15 points or -5.36%.
For the week, the Nasdaq gained 6.1%, the S&P 500 gained 3% and the Dow Jones reported a return of 2.2%. For the year, the Nasdaq is down 3.59%, the S&P 500 is down 11.03% and the Dow Jones is down 15.05%.
Friday’s market movers
U.S. indexes closed higher Friday and for the week. The S&P 500 energy sector led gains with a return of 10.46%. Drugmakers Gilead (GILD, Financial) and Moderna (MRNA, Financial) led headlines in the fight against Covid-19. Gilead released positive trial results for its remdesivir drug and Moderna received a $483 million federal grant for its drug research.
Investors were also optimistic over the economy’s reopening. In Florida, the government allowed most beaches to reopen on Friday.
On the earnings calendar:
- Procter & Gamble (PG) reported revenue of $17.21 billion, increasing 4.6% year over year and missing estimates by $80 million. Third-quarter GAAP earnings of $1.12 per share missed estimates by 5 cents and non-GAAP earnings of $1.17 beat estimates by 4 cents.
- Citizens Financial (CFG) reported earnings of 9 cents per share, which missed estimates by 11 cents. The stock gained 15.71%.
- Schlumberger (SLB) reported earnings of 25 cents per share, beating estimates by 1 cent. The stock gained 8.75%.
Economic reports affecting market trading included the following:
- The Conference Board’s Leading Economic Indicators Index decreased 6.7% in March.
- The Baker Hughes North American oil rig count decreased to 559 from 637.
In the S&P 100, the following stocks led gains:
- Boeing (BA, Financial) 14.12%
- ConocoPhillips (COP, Financial) 13.58%
- Halliburton (HAL, Financial) 12.67%
- Citigroup (C, Financial) 12.25%
- Occidental Petroleum (OXY, Financial) 10.94%
- General Electric (GE, Financial) 10.53%
- U.S. Bancorp (USB, Financial) 10.26%
- Exxon (XOM, Financial) 10.19%
- Gilead (GILD, Financial) 9.75%
- Capital One (COF, Financial) 9.56%
- JPMorgan (JPM, Financial) 9.13%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,227.42 for a gain of 49.33 points or 4.19%. The S&P 600 closed at 722.58 for a gain of 31.16 points or 4.51%. The Dow Jones U.S. Small-Cap Growth Index closed at 8,351.15 for a gain of 327.19 points or 4.08%. The Dow Jones U.S. Small-Cap Value Index closed at 6,145.09 for a gain of 319.38 points or 5.48%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,561.43 for a gain of 55.79 points or 3.71%; the S&P 100 at 1,320.68 for a gain of 27.78 points or 2.15%; the Nasdaq 100 at 8,832.41 for a gain of 74.58 points or 0.85%; the Russell 3000 at 1,653.16 for a gain of 46.13 points or 2.87%; the Russell 1000 at 1,575.88 for a gain of 42.72 points or 2.79%; the Wilshire 5000 at 28,891.74 for a gain of 772.86 points or 2.75%; and the Dow Jones U.S. Select Dividend Index at 574.59 for a gain of 23.23 points or 4.21%.
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