Major stock indexes ended the week on a positive note, with solid gains as Wall Street weighed December retail sales data, consumer inflation data and another solid reading from the IBD/TIPP Economic Optimism index.
[ibd-display-video id=3079566 width=50 float=left autostart=true] The Dow Jones industrial average added 0.9%, while the Nasdaq composite and S&P 500 picked up 0.7% each. Small caps lagged, with the Russell 2000 up 0.3%. Preliminary data showed volume on the NYSE and Nasdaq coming in close to Thursday's levels.
About one-third of the names in the Dow rose 1% or more, with Boeing ( BA ) leading the way, up around 2%. For the week, the Dow rose 2%, the Nasdaq composite rose 1.7% and the S&P 500 added 1.6%.
Department store operators outperformed after JPMorgan upgraded Kohl's ( KSS ) to outperform from neutral. Shares jumped 4.5% to 63.87. A weekly chart shows that Kohl's still could be in the early stages of breaking out of a long, cup-shaped base that started in December 2016.
The IBD/TIPP Economic Optimism index hit a 10-month high in January, while the six-month personal financial outlook component jumped to its highest level since January 2004.
Core consumer inflation, which excludes volatile oil and gas prices, increased 0.3%, a tad above expectations and an accelerating from 0.1% in November, but the market shrugged it off.
Financial stocks were in the headlines early as JPMorgan ( JPM ), Wells Fargo ( WFC ), BlackRock ( BLK ) and PNC Financial (PNC) all reported earnings . BlackRock fared the best, rising 3%. JPMorgan also did well with a gain of around 1.5%. Wells Fargo and PNC lagged.
In the stock market today , Facebook (FB) had a rough day, falling 4.5%, as Wall Street worried about the fundamental impact as a result of a change to the company's News Feed . Facebook ended the week just below the 50-day moving average and below its 184.35 buy point.
Inside the IBD 50 , Paycom Software (PAYC) gapped up bullishly out of a flat base with an 86.20 buy point. Shares jumped 5% to 88.75. During a time of low-volume breakouts, Paycom's breakout passed muster as volume was double its average.
Paycom was one of several solid gainers in the IBD 50, along with YY Inc . (YY), Grubhub (GRUB) and Adobe Systems (ADBE), which all showed gains of 3% or more.
At the New York Mercantile Exchange, U.S. crude oil futures settled higher for the fifth straight session Friday, rising 0.8% to $64.30 a barrel. For the week, the February contract rose about 4.7%.
A reminder: The stock market will be closed Monday in observance of the Martin Luther King holiday.
A shortened week of trading will see earnings reports from Citigroup (C), Morgan Stanley (MS), ASML Holding (ASML) and Alcoa (AA), among others.
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