Damian J. Troise
New York – Stocks rose in morning trading on Wall Street Friday, keeping the market on track for its fifth gain in a row.
The S&P 500 was up 0.1% and is solidly on track for a weekly gain that will erase most of last week’s loss.
The Dow Jones Industrial Average climbed 233 points, or 0.5%, and the Nasdaq composite slipped 0.2% as of 10:10 a.m. Eastern.
Several retailers jumped after giving Wall Street encouraging financial updates.
Gap soared 7.2% after handily beating analysts’ third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 4.7% after raising its earnings forecast for the year.
EchoStar, parent company of the Dish satellite television provider, fell 3% after DirecTV called off its purchase of the company.
Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 0.9%.
Roughly 80% of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies.
Nvidia fell 2.6%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because demand for its chips used in artificial-intelligence technology.
Intuit, which makes Turbotax and other accounting software, fell 4.1%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations.
European markets were mostly higher and Asian markets ended mixed.
Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury remained at 4.42% from late Thursday.
In the crypto market, Bitcoin settled down after surpassing $99,000 for the first time on Thursday. It has more than doubled this year and was mostly recently trading around $98,000, according to CoinDesk.
