U.S. stocks capped the week with solid gains Friday, extending the major market indexes' weekly advance for a fifth consecutive week.
The Dow Jones industrial average rose 0.7% for the session, while the S&P 500 and Nasdaq composite each added 0.4%. Volume swelled across the board vs. Thursday, due partly to options expiration. Winners topped losers by about a 3-2 margin on the NYSE and by nearly 2-to-1 on the Nasdaq.
For the week, the Dow gained more than 2%; the S&P 500 and Nasdaq each climbed 1%.
Automakers, hotel operators and medical stocks led the upside in today's stock market action. Starwood Hotels & Resorts (HOT) jumped 5.5% in robust trade after turning down Marriott International's (MAR) buyout offer for a higher bid from a group of investors led by China's Anbang Insurance. Marriott shares rose almost 2%.
Tesla Motors (TSLA) cruised nearly 3% higher, extending its win streak for a sixth straight session. The stock regained its 200-day moving average for the first time this year, though it's still 18% off its 52-week high.
Among IBD 50 stocks, Nvidia (NVDA) gained 3%, clearing a 33.16 cup-with-handle buy point in above-average volume. Argus began covering the Apple (AAPL) and Tesla chip supplier with a buy rating.
Chip designer MaxLinear (MXL) and building products maker U.S. Concrete (USCR) also rose 3.5% each. On the downside, PayPal (PYPL) fell as much as 3% intraday before paring its loss to 1.3% by the close of trade. Shares of the digital and mobile payment provider are hovering near a 40.03 handle entry.
Oil stocks underperformed, as West Texas Intermediate crude for April delivery slipped 2% to $39.44 a barrel on the New York Mercantile Exchange, after Baker-Hughes reported an increase in the weekly rig count. Generic drug makers and solar stocks also lagged.
In economic news, consumer sentiment slipped to 90 in March, below views for 92.2 and February's 91.7 reading. Monday's light data schedule includes existing-home sales for February. Federal Reserve presidents James Bullard, Jeffrey Lacker and Dennis Lockhart are also scheduled to speak.
