Wall Street rose Friday in a choppy session. Investors drove up shares of Apple and Microsoft ahead of their earnings reports next week. Oil prices rose for a third straight day, pushing up energy shares.
The Dow managed to shrug off declines by Boeing and Intel, rising more than 1% as did the S&P 500 and Nasdaq.
In a volatile week that saw a historic crash in crude oil prices, the Dow lost nearly 2% and the S&P shed more than 1%.
Spartan Capital Securities chief market economist Peter Cardillo:
SOUNDBITE: PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES (ENGLISH) SAYING:
“We saw oil prices go up and then dip and then towards the close actually shoot up again. So I think the market is following the oil market right now.”
One piece of positive data on the economy came with a caveat. Orders for durable goods unexpectedly rose in March. But the gains are unlikely to be sustainable amid the pandemic as shipments dropped further.
Back on Wall Street, Intel shares fell after the chipmaker issued a weak quarterly profit forecast due to costs associated with a new chip set to debut in the third quarter. It also withdrew its forecast for the full year.
Boeing shares declined. Bloomberg reported the jet maker plans to cut 787 Dreamliner output by about half and announce job cuts in its first-quarter earnings report
Shares of J.C. Penney dropped sharply. The Wall Street Journal reported that the retailer is in advanced talks for bankruptcy funding with Wells Fargo, Bank of America, and JPMorgan Chase.