The stock market closed higher Friday, gains that erased losses from earlier in the week.
The Nasdaq climbed 0.5%, ending basically flat for the week. It led the market despite that Amazon.com (AMZN), one of its five largest components, gapped down nearly 4% after the company's Q4 sales and revenue guidance disappointed.
The S&P 500 added 0.7% and finished with a minor weekly gain. The Dow Jones industrial average climbed 0.9% thanks largely to a surge in Visa (V) shares.
Small caps fared quite well, with the Russell 2000 surging 1.5% at the close. The market cheered this morning's employment report, which showed a jump of 227,000 new jobs, more than expected, in January.
Volume fell across the board, according to unconfirmed numbers. Winners beat losers by about 7-to-2 on the NYSE and by nearly 3-to-1 on the Nasdaq.
Financials led the market as the Trump administration took the first steps to eliminate restrictive regulations in the sector. Visa contributed after its quarterly results caused its shares to jump 5% to a new high. Large banks, savings and loans and regional banks were among 11 industry groups that were in the day's top 40 out of 197.
MSCI (MSCI) broke out of a saucer-type base after reporting earnings that topped expectations on Thursday. The operator of hundreds of stock indexes reported a 23% rise in adjusted earnings per share. MSCI broke out of a saucer-type base after reporting earnings that topped expectations on Thursday
Investment bank Stifel Financial (SF) broke out of a flat base, rising past a 52.98 buy point. But volume was only about average.
On the IBD 50, financials stood out also. Eleven of the day's best 15 stocks were banks, insurers or other members of the finance sector.
Transportation, software and energy were other sectors that climbed more than the rest.
On Monday, Hasbro (HAS), Tyson Foods (TSN) and Ryanair (RYAAY) are some of the notable companies reporting quarterly earnings. On the economic calendar, the January report on personal income and spending comes out at 8:30 a.m. ET. The pending home sales report is out at 10 a.m. ET.
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