Stocks opened higher Friday as investors looked to close out a solid week of trade.
The S&P 500 rose 0.3% and the Nasdaq nearly 0.6%, both hitting fresh all-time highs. The Dow industrials climbed nearly 0.2%, just below Thursday's intraday record best.
The market rolled into Friday's session with the Nasdaq up 3.1%, the S&P 500 ahead 2.5% and the Dow industrials sporting a 2.3% gain for the week. All three indexes are at new highs. Small caps once again outpaced the overall market, sending the Russell 2000 up 5.5% through Thursday, also to a new high, and nearly 20% above an early November low.
In Motion: Broadcom, Finisar, Sibanye, Las Vegas Sands
Tech stocks appeared set for a strong start as Singapore-based Broadcom (AVGO) rolled ahead 4%. The diversified chipmaker topped analysts' fiscal fourth-quarter sales and earnings targets and doubled its quarterly dividend. The stock broke out of a base with a 178.12 buy point of a flat base.
Finisar (FNSR) soared at the open, but then reversed to trade down slightly. The maker of fiber optic networking gear's fiscal second-quarter results, reported late Thursday, cleared expectations, driven primarily by demand for the company's 100-gigabit network transceivers. The stock is extended above a flat base buy point of 31.52.
Sibanye Gold (SBGL) tanked 15% and Stillwater Mining (SWC) surged 18% after the companies announced Sibanye would acquire Stillwater for $2.2 billion. The third acquisition of a platinum miner in the past year would make South Africa-based Sibanye the world's largest platinum producer. Stillwater is based in a Denver suburb.
Casino owners were rebounding with gusto: Wynn Resorts (WYNN) jumped 3.4%, Las Vegas Sands (LVS) climbed 4.1%, Melco Crown Entertainment (MPEL) spun up 6.3% and MGM Resorts International (MGM) added 3.6%. The group sold off Thursday on reports that Chinese regulators had moved to limit ATM withdrawals in the country's gambling haven of Macau. Casino stocks rose after the ATM curbs were less than feared.
Drug maker Biogen (BIIB) popped nearly 5%. Biogen's once-monthly multiple sclerosis treatment Zinbryta had received approval from federal health regulators in Canada. Also, Eli Lilly (LLY) gave detailed results on its failed Alzheimer's drug, following promising data Thursday on Biogen's own treatment. Biogen has been trying since July to climb out of a long-term consolidation, but has been stymied by resistance near 330.
Among down-bound stocks, Restoration Hardware (RH) plunged 16% as investors focused on weak fourth-quarter guidance, rather than strong third-quarter results in the company's report after Thursday's close. The stock has been trying since June to start up the right side of what is now a deep, 13-month correction.
Coming Up: Consumer Sentiment, Oil Rig Count
Economic news is limited on the stock market today, with the University of Michigan reporting its November consumer confidence numbers and the Commerce Department releasing October wholesale inventories data, both at 10 a.m. ET. Baker Hughes (BHI) delivers its weekly rig count at 1 p.m. ET.
Oil, Dollar Rise; Tokyo Marks Fifth Straight Up Week
Oil futures traded modestly higher as West Texas Intermediate held above $51 per barrel, down less than 1% for the week, which would be the first price decline in four weeks.
Gold traded down 0.5% to $1,167 an ounce. The dollar rose, and was sharply higher vs. the yen. Bonds flattened, leaving the 10-year yield at 2.41%.
In China, indexes in Shanghai and Hong Kong again ended mixed Friday, leaving the Shanghai Composite down 0.3% and Hong Kong's Hang Seng Index up 0.8% for the week. In Japan, Tokyo's Nikkei 225 pounded out a second straight rally Friday, rising 1.2% to take a 3% gain in a fifth straight weekly advance.
Stocks in Europe extended their gains in afternoon trade: the CAC 40 in Paris was up 0.5%, the FTSE 100 in London rose 0.2%, while Frankfurt's DAX held to a 0.2% gain.
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