U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Friday.
The Dow traded up 0.95% to 37,824.10 while the NASDAQ rose 1.39% to 15,264.30. The S&P 500 also rose, gaining, 1.06% to 4,831.75.
Market Movers
Information technology shares rose by 1.6% on Friday.
In trading on Friday, utilities shares fell by 0.6%.
State Street Corporation’s Earnings Report
State Street Corporation STT posted better-than-expected earnings for its fourth quarter.
State Street reported fourth-quarter revenues of $3.04 billion, beating the consensus estimate, and EPS (ex-notable items) of $2.04 also surpassed expectations.
Furthermore, the company announced new authorization to repurchase up to $5 billion of common shares with no expiration date.
Notable Stocks Movement
Kaman Corporation KAMN shares shot up 101% to $45.17 after the company announced it will be acquired by Arcline for $1.8 billion.
Shares of Processa Pharmaceuticals, Inc. PCSA surged 27% to $0.2570 after the company announced the expansion of a significant program.
Tricon Residential Inc. TCN shares gained 28% to $11.07 after the company announced a strategic acquisition deal.
C3is Inc. CISS shares dropped 64% to $0.1340 as the company announced pricing of an upsized underwritten public offering.
Commodities 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 on Friday while copper rose 1% to $3.7835.
Global Markets
European shares were mixed, with the eurozone’s STOXX 600 falling 0.26%, London’s FTSE 100 rising 0.04%, the German DAX falling 0.07%, and France’s CAC 40 falling 0.40%.
Asian markets also closed with variations in performance, with Japan’s Nikkei 225 gaining 1.40%, Hong Kong’s Hang Seng Index falling 0.54%, China’s Shanghai Composite Index declining 0.47%, and India’s S&P BSE Sensex rising 0.70%.
Key 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.
The University of Michigan’s consumer sentiment jumped to 78.8 in January, reaching the highest level since July 2021. The total number of active U.S. oil rigs also fell by 2 to 497 rigs this week, Baker Hughes Inc reported.
