NEW YORK — Stocks gained ground on Wall Street Friday as companies continued reporting mostly solid earnings. The S&P 500 rose 0.8% in morning trading Friday.
The gains have trimmed most of the indexes losses for the week. The Dow Jones Industrial Average rose 94 points, or 0.4%, to 42,544, as of 11:09 a.
m. Eastern. The Nasdaq composite rose 1.
3%. Related Story: S&P 500 and Dow Falling Back Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive.
Higher Treasury yields, which make stocks less appealing to investors, also added more pressure. Earnings have been a key focus for investors this week. The latest round of corporate profit reports could give Wall Street a better sense of whether the high stock prices are justified.
Capital One Financial jumped 8.2% after beating Wall Street’s third-quarter financial forecasts. Ugg footwear maker Deckers Outdoor rose 13% after raising its financial forecast for the year.
Strong earnings drove gains for several other companies. Technology companies L3Harris Technologies rose 3.9% and Western Digital rose 9.
1%. More than a third of companies in the S&P 500 index have reported their latest quarterly financial results. Most of the results have beat analysts’ forecasts.
Outside of earnings, Spirit Airlines jumped 24% after the struggling budget airline said it will will cut jobs and sell airplanes. Capri H.
