The Dow Jones Industrial Average climbed 225 points, or 0.64%, while the S&P 500 index and the Nasdaq Composite index gained 0.81% and 1.19%, respectively. All three of benchmarks lost between 0.5% and 1% for the week.
|I:DJI||DOW JONES AVERAGES||35677.02||+73.94||+0.21%|
|I:COMP||NASDAQ COMPOSITE INDEX||15090.200353||-125.50||-0.82%|
Minutes from the most recent Fed meeting released earlier this week showed the central bank was considering tapering its asset purchases later this year, although no firm date has been set. Next week’s Jackson Hole Symposium could provide clues as to when the taper will begin.
In stocks, Deere & Co. beat on both the top and bottom lines and raised its full-year earnings forecast as customers looked to upgrade farm machines and construction equipment.
|DE||DEERE & CO.||340.71||-2.22||-0.65%|
Discount retailer Ross Stores Inc. posted strong quarterly results, but its profit forecast for the current quarter was well below analyst expectations due to rising freight and supply chain costs and ongoing COVID-19 expenses.
|ROST||ROSS STORES, INC.||110.39||-0.32||-0.29%|
|FL||FOOT LOCKER, INC.||48.51||-0.37||-0.76%|
Foot Locker Inc. reported same-store sales that blew past Wall Street estimates amid strong demand for women’s and children’s footwear.
In deals, Adobe Inc. said it would buy Frame.io, a media collaboration platform, for $1.27 billion in cash.
Elsewhere, Johnson & Johnson CEO Alex Gorsky announced he will early shift to the role of executive chairman early next year. He will be replaced by Joaquin Duato, a longtime deputy.
|JNJ||JOHNSON & JOHNSON||163.72||+0.32||+0.20%|
Coinbase Global Inc. has received approval from its board of directors to buy $500 million in cryptocurrencies, according to CEO Brian Armstrong.
|COIN||COINBASE GLOBAL, INC.||300.84||+0.83||+0.28%|
In commodities, West Texas Intermediate crude oil slid $1.37 to $62.32 a barrel and gold edged up 80 cents to $1,781 an ounce.
Overseas markets were mixed.
In Europe, Germany’s DAX 30 ticked up 0.27%, France’s CAC 40 gained 0.31% and Britain’s FTSE 100 added 0.41%.
Hong Kong’s Hang Seng index tumbled 1.84%, entering a bear market, while China’s Shanghai Composite index and Japan’s Nikkei 225 dropped 1.1% and 0.98%, respectively.