News - "Mid-Afternoon Market Update: Dow Surges Over 300 Points; Genesco Shares Jump On Upbeat Earnings"
Toward the end of trading Friday, the Dow traded up 1.25% to 28,022.14 while the NASDAQ rose 1.04% to 8,659.81. The S&P also rose, gaining 1.04% to 3,149.79.
Leading and Lagging Sectors
Energy shares climbed 2% on Friday. Meanwhile, top gainers in the sector included Sundance Energy, Inc. (NASDAQ: SNDE), up 24%, and Covia Holdings Corporation (NYSE: CVIA), up 16%.
In trading on Friday, utilities shares fell 0.1%.
Big Lots, Inc. (NYSE: BIG) reported upbeat results for its third quarter.
Big Lots posted quarterly loss of $0.18 per share, beating analysts’ estimates for a loss of $0.20 per share. Its sales came in at $1.168 billion, versus estimates of $1.16 billion.
Big Lots said it expects FY19 adjusted EPS of $3.70-$3.85, versus analysts’ estimates of $3.80.
Equities Trading UP
Wellesley Bancorp, Inc. (NASDAQ: WEBK) shares shot up 30% to $42.10. Cambridge Trust announced plans to acquire Wellesley Bank for $122 million.
Shares of Genesco Inc. (NYSE: GCO) got a boost, shooting up 30% to $48.04 after the company reported better-than-expected Q3 EPS results. The company also issued FY20 EPS guidance above analyst estimates and Q3 comps up 3%.
Big Lots, Inc. (NYSE: BIG) shares were also up, gaining 29% to $24.77 after the company reported better-than-expected Q3 EPS and sales results.
Equities Trading DOWN
Correvio Pharma Corp. (NASDAQ: CORV) shares tumbled 33% to $1.445.
Shares of Yext, Inc. (NYSE: YEXT) were down 15% to $14.12 after the company reported worse-than-expected Q3 EPS results. The company also issued Q4 and FY20 EPS and sales guidance below analyst estimates.
PagerDuty, Inc. (NYSE: PD) was down, falling 11% to $22.19 after the company reported worse-than-expected Q3 EPS results. The company also issued Q4 and FY20 EPS guidance below analyst estimates.
In commodity news, oil traded up 1.1% to $59.05, while gold traded down 1.1% to $1,466.40.
Silver traded down 2.6% Friday to $16.62, while copper rose 2.5% to $2.7305.
European shares closed higher today. The eurozone’s STOXX 600 gained 1.16%, the Spanish Ibex Index rose 1.51%, while Italy’s FTSE MIB Index rose 0.93%. Meanwhile, the German DAX gained 0.86%, and the French CAC 40 rose 1.21% while UK shares rose 1.43%.
The nonfarm payroll number came in at +266,000, above consensus economist expectations of +187,000. The unemployment rate dropped from 3.6% to just 3.5%, its lowest level in 50 years.
The University of Michigan's consumer sentiment index climbed to 99.2 in December, compared to 96.8 in November.
U.S. wholesale inventories rose 0.1% in October, versus a revised 0.7% decline in the prior month.
The total number of active U.S. oil rigs declined by 5 to 663 rigs this week, Baker Hughes Inc reported.
Data on consumer credit for October will be released at 3:00 p.m. ET.