Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
Stocks rallied on Friday as interest rates slipped further from a four-year high, pushing the major indexes higher for the week.
The Dow Jones industrial average closed 347.51 points higher at 25,309.99, with Intel as the best-performing stock. The S&P 500 gained 1.6 percent to end at 2,747.30, with utilities and energy as the best-performing sectors. The broad index also broke above its 50-day moving average — a key technical level — in afternoon trade.
Entering Friday's session, the Dow and S&P 500 were on track to close down by 1 percent for the week. They finished the week with gains of 0.4 percent and 0.6 percent, respectively.
The Nasdaq composite advanced 1.8 percent to 7,337.39 as shares of Facebook, Amazon, Netflix and Alphabet all rose. For the week, the index rose 1.4 percent.
It was a volatile week for stocks, with the major averages posting strong gains in early trading before closing off those highs in the previous three sessions. On Friday, the Dow, S&P 500 and Nasdaq bucked that trend.
"We have a champagne problem," said Nick Raich, CEO of The Earnings Scout. "The economy is running too hot and that brings fear of higher rates. But that's better than having to jump-start an economy that's running cold."
"Earnings expectations are also rising for the first time in seven years," Raich said. "That's a big positive."
The benchmark 10-year U.S. note yield hit a four-year high earlier this week after minutes from the Fed's January meeting showed the central bank sees increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually. On Friday, the yield traded below that four-year high, near 2.875 percent.
"Investors eye 3 percent on the 10-year with concern as it intersects a trendline that has led to crashes/bear markets since 1980," Thomas Lee, founder and head of research at Fundstrat Global Advisors, said in a note. "But, as we noted a few weeks ago, interest rates are moving higher from ultra-low levels and like 1950s-1960s, this period saw higher rates [and] higher equity prices."
The Fed released its monetary policy report Friday morning, which said the central bank sees the U.S. economy past full employment, albeit with only "moderate" wage gains. The report serves as a blueprint for new Fed Chair Jerome Powell's testimony next week.
Investors also digested out for speeches from two voting members of the Fed's policymaking committee. Cleveland Fed President Loretta Mester said inflation should and sustain 2 percent over the next couple of years. Meanwhile, New York Fed President William Dudley spoke earlier, saying the central bank's balance sheet drawdown is going smoothly. The Fed's balance sheet ballooned to more than $4 trillion following the financial crisis.
In corporate news, General Mills agreed to buy natural pet food company Blue Buffalo for about $8 billion in cash. Shares of Blue Buffalo surged more than 17 percent.
Shares of Hewlett Packard Enterprise jumped nearly 10.5 percent after reporting quarterly earnings and strong forward guidance.