U.S. equity markets battled to record highs Friday, overcoming early selling pressure in a volatile session.
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|I:DJI||DOW JONES AVERAGES||31458.4||+27.70||+0.09%|
|I:COMP||NASDAQ COMPOSITE INDEX||14095.474073||+69.70||+0.50%|
The Dow Jones Industrial Average gained 28 points, or 0.09%, after falling by as many as 83 points earlier in the day. The S&P 500 and the Nasdaq Composite, meanwhile, rallied 0.48% and 0.5%, respectively. All three of the major averages posted modest weekly gains.
|DIS||WALT DISNEY COMPANY||187.67||-3.24||-1.70%|
In stocks, Dow component Walt Disney Co. reported quarterly earnings and revenue that exceeded Wall Street estimates as its Disney+ streaming service added 21 million subscribers. Disney+ now has 94.9 million subscribers and the company believes it could reach 260 million users by 2024.
|EXPE||EXPEDIA GROUP, INC.||146.51||-3.40||-2.27%|
Expedia Inc. said full-year revenue fell 57% year over year as the COVID-19 pandemic snarled demand for travel bookings. Both quarterly earnings and profit were below Wall Street estimates.
With earnings season coming to an end, results are in from about three-quarters of S&P 500 companies and more than 80% have surpassed estimates.
Meanwhile, Bumble Inc. was in focus a day after soaring 64% in its Nasdaq debut. Shares of the dating-app developer settled at $70.31 apiece on Thursday after pricing at $43 the prior evening. Founder and CEO Whitney Wolfe Herd is now the world’s youngest self-made woman billionaire.
In deals, optoelectronic component maker II-VI Inc. is planning a nearly $6.5 billion bid for laser manufacturer Coherent Inc., according to a report from The Wall Street Journal. The offer, which would pay a mix of cash and stock equating to $260 per share, greater than offers made by MKS Instruments Inc. and Lumentum Holdings Inc.
|XOM||EXXON MOBIL CORPORATION||50.51||+0.71||+1.43%|
Oil majors Chevron Corp. and ExxonMobil Corp. gained as West Texas Intermediate crude oil climbed $1.23 to $59.47 per barrel.
Elsewhere in commodities, gold lost $3.30 to $1,821.60 an ounce while silver added 28 cents to $27.32 per ounce.
European markets ended higher across the board with Britain’s FTSE 100 advancing 0.94%, France’s CAC 40 climbing 0.6% and Germany’s DAX 30 ticking up 0.06%.
In Asia, Japan’s Nikkei 225 slipped 0.14%. China’s Shanghai Composite index and Hong Kong’s Hang Seng index were closed for the Chinese New Year.