The major stock market indexes finished strong Friday afternoon, near the highs of the day. The Dow Jones Industrial Average gained 2.5% and was up 749 points, but found resistance its 50-day moving average.
The S&P 500 added 2.4% while the Russell 2000 small-cap index was higher by 2.2%, rising above its 21-day exponential moving average. The Nasdaq composite rose 2.3% and found support at its 21-day line.
The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF gained 1.9%.
The NYSE traded in higher volume than Thursday while Nasdaq volume was lower.
Crude oil rose 0.7% to $85.15 per barrel. The SPDR Select Energy ETF gained 2.9%.
Natural gas sold off for its sixth straight decline even though EU leadership failed to agree on a gas price cap. Natural gas futures fell 6.7%, slightly below $5 per million British thermal units.
The 10-year Treasury note yield held at 4.23%. Bitcoin added 1% to $19,210.
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European markets were mixed, with the German DAX stock index down 0.3% and the Paris CAC 40 0.9%. The London FTSE 100 rose 0.4% to close out the trading week.
Friday Movers: Mining Stock Show Big Gains
Freeport-McMoran rallied 10% despite reporting disappointing Q3 earnings results Thursday. The company expects its gold sales to increase. It closed with the second highest gain in the S&P 500 today.
Pfizer jumped 4.8% on news it will sell its Covid-19 vaccine for $110 to $130 per dose, about four times what it sells for today. The company says it no longer believes Covid constitutes a public-health emergency. Vaccine co-developer BioNTech rose 11.2% in heavy volume.
SVB Financial fell 24%, the S&P 500's biggest loser. The company reported a beat on its Q3 EPS but got hit by analyst downgrades and price target cuts.
Snap plunged 28.1% after reporting weak Q3 earnings. The company is not providing Q4 sales or adjusted EBITDA guidance, but warned that year-over-year revenue growth will decelerate.
Nutritional foods producer Simply Good Foods gapped up 10% on heavy volume after reporting a beat on fiscal Q4 2022 EPS and sales. The company raised its sales outlook for fiscal 2023 but expects full-year gross margins to decline, due to rising supply-chain costs. The company makes Quest and Atkins brands.
Schlumberger rose 10.3% after reporting a beat on Q3 EPS and sales.
Its shares are in a deep cup base. The relative strength line hit a new high as indicated by the blue dot on the MarketSmith chart. The company holds a 98 Composite Rating and a 96 stock Relative Strength Rating. SLB leads the S&P 500 today.
American Express sank 1.7% despite a beat on Q3 EPS and sales. Their CFO cites rising rates as a modest headwind to their net interest income.
Stock Market: Steel Stocks Break Out
Exxon Mobil rallied 1.9% and hit an all-time high. The relative strength line also hit a new high.
The Innovator IBD 50 ETF gained 2.9%, higher than major stock market indexes.
Steel Dynamics jumped 8.5% and broke out of an undefined choppy base, hitting the 88.72 buy point. Its relative strength line hit a new high.
Commercial Metals rose 2.1% and broke out of a cup base, hitting a 44.45 buy point. Its relative strength line also hit a new high. The company has a best-possible 99 Composite Rating.
CVB Financial fell 4.9% in heavy volume, triggering the 7%-8% sell rule from its 28.24 buy point. Shares are down 24.4% this week, on pace for its worst week since March 2009.
