- US stocks finished the week at record highs after a blockbuster week of earnings.
- Shares of tech giants including Snap and Twitter soared after earnings came in above expectations.
- Bitcoin hovered just above $32,000, gold was little changed, and oil edged higher.
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US stocks finished the week strong with all three major indexes closing at records Friday as investors cheered blockbuster tech earnings and looked towards next week’s Fed meeting.
Shares of Snap soared 23% after the social media app exceeded earnings expectations. Twitter also gained after beating estimates, and Bank of America analysts said the stock could rise another 30% as the social media platform stands to see further growth in advertising sales which have been recovering after the onset of the coronavirus pandemic. The good news lifted tech peers Facebook and Google both by more than 3%.
Here’s where US indexes stood at the 4:oo p.m. ET close on Friday:
- S&P 500: 4,411.79, up 1.01%
- Dow Jones industrial average: 35,061.55, up 0.68% (238.20 points)
- Nasdaq composite: 14,836.99, up 1.04%
The blank-check company backed by billionaire Thomas Barrack withdrew its application for an initial public offering Friday, just days after the 74-year-old was arrested and charged with seven felony counts involving lobbying the Trump administration on behalf of the UAE.
Stocks in Asia were mostly lower earlier Friday over concerns of tighter regulation. Regulators in China are said to be considering severe sanctions on Didi Global following its US IPO. The ride-hail giant has fallen a stunning 52% since going public.
Also, a Bloomberg report that China is considering turning tutoring companies into non-profitspushed Chinese education stocks lower Friday morning.
The 10-year US Treasury yield climbed 1.8 basis points to 1.285% after hitting a five month low at the start of the week.
Bitcoin hovered just above $32,000.
Gold was little changed around $1,802.30.