Stocks grind higher as major averages seek back-to-back gains
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U.S. equity markets rallied Friday as the major averages looked to end a volatile week of trading with back-to-back gains.
The Dow Jones Industrial Average gained over 300 points, or 0.8%, while the S&P 500 and the Nasdaq Composite advanced 0.51% and 0.48%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34361.54 | +277.39 | +0.81% |
| SP500 | S&P 500 | 4181.56 | +22.44 | +0.54% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13566.074723 | +30.34 | +0.22% |
In stocks, Boeing jumped over 3% on reports it has laid out new 737 Max Jet production goals to 42 jets a month by the second half of 2022 according to Reuters.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 235.16 | +7.61 | +3.34% |
Deere & Co. reported strong earnings and revenue and hiked its full-year profit forecast amid optimism on improving demand for farm machine and construction equipment.
Foot Locker Inc. swung to a profit from a loss in the year-ago period, and said it would convert approximately one-third of its Footaction stores into other existing banner concepts to focus growth on its iconic banners.
Meanwhile, automakers were in focus after Commerce Secretary Gina Raimondo said the companies would not receive special treatment in combating the global chip shortage.
In other auto industry news, California regulators said electric vehicles must account for 90% of miles traveled by ride-hailing companies like Uber Technologies Inc. and Lyft Inc. beginning in 2030.
Elsewhere, cruise operator Carnival Corp. announced plans to restart trips to Alaska in July, sending shares higher. The news also boosted rivals Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd.
In commodities, West Texas Intermediate crude oil rose $1.39 to $63.33 per barrel and gold edged up $5.90 to $1,887.80 per ounce.
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Overseas markets traded mixed.
In Europe, Britain’s FTSE 100 slipped 0.02% while Germany’s DAX 30 and France’s CAC 40 climbing 0.35% and 0.57%, respectively.
Elsewhere, Japan’s Nikkei 225 jumped 0.78%, Hong Kong’s Hang Seng index ticked up 0.03% and China’s Shanghai Composite lost 0.58%.
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