U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining more than 1% on Friday.
The Dow traded up 0.23% to 39,084.47 while the NASDAQ rose 1.22% to 16,287.91. The S&P 500 also rose, gaining, 0.78% to 5,135.86.
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Sector Movements
Energy shares rose by 1.4% on Friday.
In trading on Friday, utilities shares fell by 1.3%.
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The total number of active U.S. oil rigs climbed by 3 to 506 rigs this week, Baker Hughes Inc reported.
Stocks on the Rise
BioVie Inc. BIVI shares shot up 55% to $1.92 after promising developments in health solutions for degenerative diseases.
Shares of Cardiff Oncology, Inc. CRDF got a boost, surging 37% to $2.41 following strong financial results and clinical updates.
The RealReal, Inc. REAL shares were also up, gaining 45% to $2.5610 after posting positive quarterly results.
Stocks on the Decline
Sidus Space, Inc. SIDU shares dropped 32% to $6.09 due to public offering pricing.
Fisker Inc. FSR were down 38% to $0.4499 after financial reports failed to meet expectations.
Scilex Holding Company SCLX decreased by 38% to $1.4150 following announcement of a bought deal offering.
Commodities Update
In commodity news, oil surged 2.3% to $80.09 while gold rose 1.9% to $2,094.40.
Silver increased by 2% to $23.345 on Friday while copper rose 0.4% to $3.8605.
Euro zone Update
European shares showed positive movement with various indices advancing, reflecting positive economic indicators.
Unemployment in the Eurozone fell to 6.4% in January, and manufacturing PMIs indicate a potential economic growth trajectory.
Asia Pacific Markets Insight
Asian markets closed on a positive note, with key indices in Japan, Hong Kong, China, and India posting gains on Friday.
Economic indicators show mixed movements, with retail sales in Hong Kong dropping while manufacturing PMIs in India and China fluctuating.
Economic Insights
The S&P Global manufacturing PMI indicates positive growth, despite certain sectors experiencing declines.
Recent data on U.S. construction spending, ISM manufacturing PMI, and consumer sentiment suggest varied trends in the economy.
The total number of active U.S. oil rigs climbed by 3 to 506 rigs this week, reflecting ongoing dynamics in the energy sector.
