Toward the end of trading Friday, the Dow traded up 1.35 percent to 24,699.68 while the NASDAQ climbed 1.09 percent to 7,161.70.
The S&P also rose, gaining 1.3 percent to 2,670.10.
Leading and Lagging Sectors
Friday afternoon, the industrial shares rose 1.9 percent. Meanwhile, top gainers in the sector included Daseke
Inc (NASDAQ: DSKE) up 8 percent, and
Infrastructure & Energy Alternatives Inc (NASDAQ: IEA) up 8 percent.
In trading on Friday, utilities shares fell 0.02 percent.
Top Headline
Tesla Inc (NASDAQ: TSLA) announced
plans to reduce its full-time workforce by 7 percent.
CEO Elon Musk said the job cuts are intended to cut Model 3 production costs — and ultimately the final sales price to the
promised, competitive $35,000.
"Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering
improvements in the coming months," Musk said in an internal email.
Equities Trading UP
Ultra Petroleum Corp. (NASDAQ: UPL)
shares got a boost, shooting up 33 percent to $1.02 after a court ruling was reversed which would have forced the company to pay
$400 million to creditors.
Shares of Bank OZK (NASDAQ: OZK) shot up
15 percent to $31.78 after reporting a fourth-quarter earnings beat.
Moxian, Inc. (NASDAQ: MOXC) shares were
also up, gaining 95 percent to $0.7399 after the company announced a strategic partnership with Fujian.
Equities Trading DOWN
Nautilus, Inc. (NYSE: NLS) shares dropped
38 percent to $7.31 after the company issued worse than expected Q4 and FY18 guidance.
Shares of Immunomedics, Inc. (NASDAQ: IMMU) were down 26 percent to $13.38 after the company received a CRL from the FDA
for its Sacituzumab Govitecan Biologics License Application.
Tyme Technologies, Inc. (NASDAQ: TYME)
was down, falling around 32 percent to $2.52 after the company announced disappointing data from its SM-88 study.
Commodities
In commodity news, oil traded up 3.02 percent to $53.64 while gold traded down 0.77 percent to $1,282.40.
Silver traded down 0.94 percent Friday to $15.39, while copper rose 1.34 percent to $2.716.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 gained 1.8 percent, the Spanish Ibex Index rose 1.8 percent, while
Italy’s FTSE MIB Index jumped 1.22 percent. Meanwhile the German DAX climbed 2.63 percent, and the French CAC 40 rose 1.7 percent
while U.K. shares rose 1.95 percent.
Economics
U.S. industrial production rose 0.3 percent for December, versus economists’ expectations for a 0.2 percent increase.
The University of Michigan's consumer sentiment index dropped to 90.7 for January, versus prior reading of 98.3. However,
economists were expecting a reading of 97.5.
The total number of active U.S. oil rigs slipped by 21 to 852 rigs this week, Baker Hughes Inc reported.
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