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S&P 500 sees biggest weekly rise since July as stocks rally on earningsExternal Link

Stocks ended higher Friday, booking solid weekly gains for major indexes as investors cheered a strong start to earnings season and data showing stronger-than-expected September retail sales. The Dow Jones Industrial Average advanced around 383 points, or 1.1%, to close near 35,295, ending above the 35,000 threshold for the first time since Sept. 8, according to Dow Jones Market Data. The Dow rose 1.6% for the week. The S&P 500 gained around 33 points, or 0.7%, to finish near 4,472, leaving the large-cap benchmark with a 1.8% weekly rise --- its largest since July 23, according to FactSet. The tech-heavy Nasdaq Composite ended near 14,897, up around 74 points, or 0.5%. The Nasdaq rallied 2.2% for the week, its biggest such rise since August. Goldman Sachs Group Inc. shares rose 3.8% Friday, leading Dow gainers after earnings that topped estimates.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 15 Oct 2021 20:23:13 GMT
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Oil futures finish higher, with U.S. prices up nearly 4% for the weekExternal Link

Oil futures rose on Friday, with U.S. benchmark crude prices posting a weekly gain of almost 4%. "Another round of strong earnings and economic data suggest the economy can still handle the current surge in energy prices," said Edward Moya, senior market analyst at Oanda. "The oil market deficit will only get wider as global stockpiles remain at low levels, unexpected demand comes from colder weather, and on surging jet fuel demand as the U.S. opens up international travel." West Texas Intermediate crude for November delivery rose 97 cents, or 1.2%, to settle at $82.28 a barrel on the New York Mercantile Exchange, with front-month prices up about 3.6% for the week, FactSet data show.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 15 Oct 2021 19:00:00 GMT
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Gold futures end lower, but post a modest gain for the weekExternal Link

Gold futures settled lower on Friday, pressured by strength in Treasury yields and U.S. benchmark stock indexes, but prices still saw a modest gain for the week, the strongest advance in six weeks. Gold gave back most of its gain for the week on Friday, "with investors choosing the racier equity markets over the haven asset," said Fawad Razaqzada, market analyst at ThinkMarkets. The metal "remains stuck inside its existing ranges as investors wonder whether bond yields and the dollar will resume higher," with the Federal Reserve seen tapering its bond purchases program in mid-November or mid-December," he said. "Other investors will be happy to buy the dips as the metal is considered to be a good hedge against inflation." December gold declined by $29.60, or nearly 1.7%, to settle at $1,768.30 an ounce. Prices based on the most-active contract rose 0.6% for the week, the biggest weekly rise since the week ended Sept. 3, FactSet data show.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 15 Oct 2021 17:43:09 GMT
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Milan Laser hair removal company files to go publicExternal Link

Milan Laser Inc., the profitable Nebraska-based laser hair removal company, has filed to go public. The company has not yet determined how many shares it will offering in its initial public offering, the expected pricing of the IPO or the number of shares expected to be outstanding after the IPO. The company did said it have three classes of common stock. The Class A shares to offered in the IPO will have one per share, while Class B and Class C shares will initially have 10 votes. The company expects its shares to list on the NYSE under the ticker symbol "MLAN." Goldman Sachs and Jefferies are the underwriters. The company recorded net income of $10.0 million on revenue of $71.8 million during the six months ended June 30, after a loss of $2.7 million on revenue of $27.4 million in the same period a year ago. The filing comes about two months after European Wax Center Inc. went public, and currently has a market capitalization of about $1.76 billion. Milan Laser said in its S-1 filing: "We believe that laser hair removal is a better alternative to other hair removal techniques such as shaving, waxing or sugaring as it uses FDA-cleared lasers, and it is safe, fast (appointments as short as 10 minutes), effective, affordable, and, most importantly, a permanent solution for the reduction of unwanted hair." The company filed to go public at a time that the Renaissance IPO ETF has run up 10.1% over the past three months while the S&P 500 has gained 2.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 15 Oct 2021 17:21:56 GMT
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Baker Hughes data show U.S. oil-drilling rigs up 6 weeks in a rowExternal Link

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 12 to 445 this week. That followed increases in each of the last five weeks. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by 10 to stand at 543, according to Baker Hughes. November West Texas Intermediate crude continued to trade higher, up 79 cents, or 1%, at $82.10 a barrel on the New York Mercantile Exchange, with prices headed for another finish at the highest since October 2014, FactSet data show.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 15 Oct 2021 17:07:43 GMT
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