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%.
