Stocks closed higher after a slew of positive corporate news, including strong bank earnings and the unveiling of Disney's new streaming service. The S&P 500 added 0.66% and broke above the key 2,900 level for the first time in 6 months.
div > div.group > p:first-child"> The Dow Jones Industrial Average surged 269.25 points. Gains in the financials and materials sectors pushed the S&P 500 0.66% higher. The benchmark broke above the key 2,900 level for the first time in six months and stood at less than 1% from a record high. It's also the third consecutive weekly gain for the S&P 500. The Nasdaq Composite advanced 0.46%.
Wells Fargo also reportedbetter-than-expected results on the back of its consumer lending business, but the stock erased earlier gains as the bank's CFO issued a tepid outlook for net interest income. Sentiment was also boosted on Friday by a massive deal in the energy sector. Dow member Chevron announced plans to acquire Anadarko Petroleum for $33 billion in cash and stock. The deal values Anadarko at a 37% premium from the stock's close on Thursday. Anadarko shares jumped 32% while Chevron fell nearly 5%.
Stronger-than-expected exports data out China also lifted stocks. Exports in China rose 14.2 percent in dollar terms last month, nearly double what economists expected.
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