U.S. Stocks End Week on a Positive Note
U.S. stocks closed higher on Friday, with the Nasdaq Composite leading the gains, rising over 100 points. The Dow Jones Industrial Average gained 0.37%, the S&P 500 rose 0.46%, and the Nasdaq Composite climbed 0.77%.
Financial shares performed well, jumping 1.2% on Friday. Real estate shares, however, dipped by 0.9%.
Several individual stocks saw significant movement. Phoenix Motor Inc. shares surged 188% after reporting strong first-quarter results. Apogee Enterprises, Inc. shares jumped 24% following better-than-expected second-quarter financial results. Beneficient shares rose 53% after the company announced a transaction that redesignated approximately $126 million of its preferred equity as non-redeemable.
On the downside, ZIM Integrated Shipping Services Ltd. shares fell 12% and Spirit Airlines, Inc. shares dropped 27% following a report suggesting the company might file for bankruptcy.
In commodity markets, oil prices rose 1.5% to $74.83 per barrel, while gold prices declined 0.5% to $2,665.30 per ounce.
European stocks closed mostly higher, with the STOXX 600 gaining 0.44%, the DAX rising 0.55%, and the CAC 40 climbing 0.85%. Asian markets closed mixed, with Japan's Nikkei 225 gaining 0.22%, Hong Kong's Hang Seng Index rising 2.82%, and India's BSE Sensex dipping 0.98%.
The U.S. economy added 254,000 jobs in September, exceeding market expectations of 147,000. The unemployment rate declined to 4.1% from 4.2% in August. The total number of active U.S. oil rigs fell by five to 479 rigs this week, according to Baker Hughes Inc.