Array
U.S. stocks rose Friday in a bounce back from Wall Street’s worst day since April.
The S&P 500 gained 36.88 points, or 0.7 percent, to 5,304.72 and won back all its losses from the prior two days. It eked out a tiny gain for the week, enough to extend its weekly winning streak to five, and is sitting just below its record set on Tuesday.
The Dow Jones Industrial Average rose 4.33 points, or less than 0.1 percent, to 39,069.59, and the Nasdaq composite gained 184.76, or 1.1 percent, to 16,920.79 and topped its all-time high set earlier this week.
Deckers Outdoor jumped 14.2 percent for the biggest gain in the S&P 500 after reporting stronger profit and revenue for the latest quarter than expected. The company behind the Hoka, Ugg, and Teva brands also gave a forecast for revenue this upcoming fiscal year that was in line with analysts’ expectations.
Ross Stores also lifted the market after leaping 7.8 percent. The retailer reported better profit for the latest quarter than analysts expected. That was despite its revenue only edging past expectations, as customers continue to hold back on purchases of non-essentials.
CEO Barbara Rentler said several challenges, “including prolonged inflation, continue to squeeze our low-to-moderate income customers’ purchasing power.”
Even though data on the overall, or macro, economy has been showing continued strength for spending by U.
