Stocks Broadly Higher in Midday Trading; Oil Rises

(AP) —
stocks oil markets Wall Street
(AP Photo/Mark Lennihan, File)

U.S. stocks were broadly higher in midday trading Friday, as investors cheered solid earnings from several companies. The rally extended the market’s modest gains from the day before. Industrial stocks were up the most. Energy-company stocks also rose as the price of crude oil headed higher.

KEEPING SCORE: The Standard & Poor’s 500 index rose 16 points, or 0.7 percent, to 2,382 as of 11:43 a.m. Eastern Time. The Dow Jones Industrial Average added 114 points, or 0.6 percent, to 20,777. The Nasdaq composite index gained 38 points, or 0.6 percent, to 6,093. The Russell 2000 index of smaller stocks picked up 7 points, or 0.5 percent, to 1,368.

RELIEF RALLY: Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said, “This is a relief rally following the volatility earlier in the week.” Sandven said that “despite the headwinds in Washington this week, President Trump’s pro-growth agenda” is driving stock prices higher.

DIGGING IN: Deere & Co. jumped 7.1 percent after the heavy-equipment maker reported solid quarterly results. The stock climbed $8.05 to $120.72.

EXPECTATIONS EXCEEDED: Autodesk vaulted 17 percent after the design software company raised its earnings forecast for the year and reported a loss in its latest quarter that was narrower than analysts had been expecting. The stock added $16.28 to $112.11.

BIG DEALER: McKesson jumped 8.9 percent after the prescription-drug distributor reported earnings for its latest quarter that easily beat Wall Street’s forecasts. Its shares gained $12.58 to $154.01.

EARNINGS BEAT: Ross Stores rose 2.1 percent after the discount retailer reported quarterly results that beat Wall Street’s estimates. The stock picked up $1.27 to $62.34.

TRIPPED UP: Foot Locker plunged 14.9 percent after the athletic footwear and apparel retailer’s latest quarterly profits fell short of analysts’ forecasts. The stock was the biggest decliner in the S&P 500, shedding $10.47 to $59.98.

UNPALATABLE: Campbell Soup gave up 2.4 percent after the company turned in disappointing quarterly results. Its shares fell $1.35 to $55.59.

ENERGY: Benchmark U.S. crude-oil futures were up 99 cents, or 2 percent, at $50.34 a barrel in New York. Brent crude, used to price international oils, was up $1.04, or 2 percent, at $53.55 a barrel in London.

CURRENCIES: The dollar weakened to 111.40 yen from 111.49 yen on Thursday. The euro jumped to $1.1192 from $1.1101.

TREASURY YIELDS: Bond prices fell. The 10-year Treasury yield rose to 2.24 percent from 2.23 percent late Thursday.

MARKETS OVERSEAS: In Europe, Germany’s DAX rose 0.4 percent, while France’s CAC 40 was up 0.6 percent. Britain’s FTSE 100 was up 0.4 percent. In Asia, Japan’s benchmark Nikkei 225 gained 0.2 percent. South Korea’s Kospi added nearly 0.1 percent. Hong Kong’s Hang Seng rose 0.3 percent.

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