New York – Stocks gained ground on Wall Street Friday as companies continued reporting mostly solid earnings.
The S&P 500 rose 0.9% in morning trading Friday. The gains have trimmed most of the indexes losses for the week.
The Dow Jones Industrial Average rose 193 points, or 0.5%, to 42,544, as of 10:11 a.m. Eastern. The Nasdaq composite rose 1.4%.
Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive. Higher Treasury yields, which make stocks less appealing to investors, also added more pressure.
Earnings have been a key focus for investors this week. The latest round of corporate profit reports could give Wall Street a better sense of whether the high stock prices are justified.
Capital One Financial jumped 8.6% after beating Wall Street’s third-quarter financial forecasts. Ugg footwear maker Deckers Outdoor rose 12.7% after raising its financial forecast for the year.
Capri Holdings, owner of the Versace, Jimmy Choo and Michael Kors luxury brands, lost almost half its value after a judge halted a purchase of the company by Tapestry, which makes Coach handbags. Tapestry rose 14.2%.
The ruling came six months after the FTC sued to block Tapestry’s $8.5 billion acquisition of Capri.
Russia’s central bank on Friday raised its key interest rate by two percentage points to a record-high 21%. Moscow is trying to combat growing inflation sparked by military spending after its invasion of Ukraine.
In Europe Germany’s DAX rose 0.1% and France’s CAC 40 lost 0.2%. Britain’s FTSE 100 edged 0.2% lower. Stocks were mixed in Asia.
