Close Update: Wall Street's Upbeat Day Driven By Earnings, Oil as Political Fears Cool – Nasdaq

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Wall Street added to gains Friday, recovering from its mid-week slide as positive earnings news and higher oil prices eased investors who were jolted this week by politics.

Advances were widespread, touching all 11 sectors on the S&P 500 and all but four of the components on the Dow Jones Industrial Average. The Nasdaq Composite had its record high back in sight. The markets shuddered slightly late in the day at the Washington Post report that a White House adviser close to Donald Trump is a person of significant interest in the probe over possible collusion between his campaign and Russian officials. But it was a dent in an otherwise upbeat day.

That was a turnaround from Wednesday’s plunge in the worst day of 2017 as investors worried that the latest Trump controversy would distract from his administration’s policy plans. But those fears subsided and stocks were on a winning path to end the week, even as Goldman Sachs warned in a note to clients that the Trump campaign investigation is weighing on the fiscal policy process that was already slowed by House passage of the AHCA.

Oil prices rose, lifting energy stocks ahead of next week’s Organization of Petroleum Exporting Countries meeting where it’s expected that the members will extend a production cut in the commodity. U.S. crude futures increased 2% to $50.34 a barrel while the energy sector on the S&P gained 1.2%.

Industrials posted the S&P’s best increase, rising 1.3%. Deere & Co. ( DE ) ended 7.3% higher after reporting better-than-expected results for the fiscal second quarter, while raising its outlook for the year.

Also in earnings, Autodesk ( ADSK ) surged 15% after its first quarter results came in better than expected. McKesson ( MCK ) climbed 8.1% after saying late Thursday fiscal fourth quarter earnings topped the Street’s expectations.

Here’s where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 141.82 points (+0.69%)

S&P 500 was up 16.01 points (+0.68%)

Nasdaq Composite Index was up 28.57 points (+0.47%)

GLOBAL SENTIMENT

FTSE 100 was up 0.46%

Nikkei 225 was up 0.19%

Hang Seng Index was up 0.15%

Shanghai China Composite Index was up 0.02%

UPSIDE MOVERS

(+) DYN (+25.6%) Received buyout offer from Vista Energy ( VST )

(+) PTXP (+19.4%) Received tender offer from Energy Transfer Partners ( ETP )

(+) ARNA (+15.7%) Leerink Swann starts coverage with outperform, $5 price target

(+) ADSK (+14.7%) Reported strong Q1 results, upgraded at Bank of America to neutral from underperform

(+) HIL (+4.84%) Shareholder Ancora Advisors urged hiring of investment banker for strategic alternatives review

DOWNSIDE MOVERS

(-) FL (-16.7%) Misses projections on fiscal Q1 profit and revenue

(-) MNGA (-11%) Implements 1-for-10 reverse stock split

(-) HALO (-8.83%) Priced 10 million common stock offering at $12.50 per share

(-) SYMC (-2.44%) Downgraded by RBC to sector perform, PT cut to $32 from $34

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