Weekly Recap – Sept 24: U.S. Markets
New York, NY, United States (AHN) – U.S. markets opened higher Friday and remained that way to close with their best daily gain in two weeks. The rise also helped stocks close higher for a fourth consecutive week.
Friday’s action was driven by better than expected earnings from shoe & apparel giant Nike (NYSE: NKE), along with housing and durable goods data that fell in line with expectations.
August durable goods order slipped 1.3 percent from a month ago, the steepest drop in about a year, but the number was basically in line with expectations for a 1.4 percent drop.
The Commerce Department said new home sales went off at an annualized rate of 288,000, unchanged from a month ago and in line with estimates.
Nike said fiscal first quarter revenue rose 8 percent to $5.18 billion, leading to a 9 percent jump in net income. The company also said orders for the coming season are up more than 10 percent. Shares of the stock finished 2.5 percent higher to $79.57 on Friday.
The Dow Jones Industrial average added 198 points or roughly 2 percent on Friday, while the S&P 500 rose 24 points or 2.1 percent. All 10 major economic sectors in the S&P 500 posted a gain for the day with industrials and financials leading the way, both up 2.8 percent.
The Nasdaq Composite also finished strong, up 54 points or 2.3 percent as tech stocks tacked on 2.1 percent.
Crude oil finished the week on its high, settling at $76.44 a barrel on the New York Mercantile Exchange.
Next week’s market will see the release of September consumer confidence and the July Case-Shiller Home Price Index to kick things off.
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