Equity Markets Close Higher on Potential Shutdown Resolution

MT Newswires Live
10 hours ago

US benchmark equity indexes closed higher on Friday as investors seemed optimistic that the government can avoid a shutdown.

The Nasdaq Composite rose 2.3% to 17,704.9, while the S&P 500 increased 1.9% to 5,624.7. The Dow Jones Industrial Average was up 1.5% to 41,409.4. All sectors were higher with technology and energy posting the biggest gains.

US Treasury yields were higher with the 10-year rate gaining about 4.4 basis points to 4.3% and the two-year rate up 5 basis points to 4%.

April West Texas Intermediate crude oil increased 0.9% to $67.16 a barrel Friday.

"The market appears optimistic the US government can avoid a shutdown (Friday night) after Senate Democratic Leader Chuck Schumer reportedly dropped his objection yesterday to the latest spending bill proposal," Stifel said in a note.

In economic news, US consumer sentiment dropped to 57.9 in March from 64.7 last month, preliminary results from a survey by the University of Michigan showed. A Bloomberg-compiled survey expected 63.

Year-ahead inflation expectations increased to 4.9% in March-- the highest reading since November 2022 -- from 4.3% in the previous month. Price growth over the next five years is pegged at 3.9%, compared with 3.5% in February.

In company news, Ulta Beauty (ULTA) was the top gainer on the S&P 500 with shares up nearly 14%. Although the beauty retailer's full-year guidance missed Wall Street's estimates late Thursday, it showed potential for positive earnings revisions in the coming quarters, UBS said.

Crown Castle (CCI) was up 10%. The company has agreed to sell its small cells and fiber solutions businesses for a combined $8.5 billion to separate buyers after a strategic review.

KKR (KKR) shares gained 4.2%. KKR and Stonepeak Partners' deadline for a firm offer to buy UK-based real estate investment trust Assura was extended to April 11, Assura said.

Rubrik (RBRK) shares jumped 27%, a day after the company reported fiscal Q4 results and guidance for fiscal Q1 and the full year that beat market expectations.

Abbott Laboratories (ABT) shares were down 2.5% after a state appeals judge in Missouri ordered a retrial of a civil lawsuit related to its formula milk.

Gold gained 0.1% to $2,993 per troy ounce, while silver was flat at $34.32.

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