Stocks rose higher Friday as Wall Street posted another week of gains. The Dow Jones Industrial Average climbed over 30 points, while the S&P 500 Index and Nasdaq Composite advanced 0.4% and 0.6%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): +0.40% or +23.20 points to 5,864.67
Dow Jones Industrial Average (NYSE: DIA): +0.09% or +36.86 points to 43,275.91
Nasdaq Composite Index (NASDAQ: QQQ): +0.63% or +115.94 points to 18,489.55
For the Week:
All three major averages posted their sixth straight week of gains, marking the longest winning streak for the Dow and S&P 500 so far this year. The Dow rose nearly 1% on the week, while the S&P 500 was 0.85% higher and the Nasdaq added 0.8%.
On the Earnings Front:
Netflix (NASDAQ: NFLX) shares rose higher Friday after the streaming giant reported strong third-quarter earnings, with its ad-supported membership tier jumping 35% quarter-over-quarter; its ad-tier accounted for over 50% of subscriptions during the quarter in available countries.
The company expects fourth-quarter revenue to rise 14.7% to $10.13 billion. For its full-year 2025, Netflix expects revenue between $43 billion to $44 billion, implying growth of 11% to 13% from its expected 2024 revenue of $38.9 billion.
Procter & Gamble (NYSE: PG) reported weaker-than-expected earnings on Friday as its revenue suffered from waning demand in China, with organic sales in its second-largest market fall 15% in its fiscal first-quarter. "The market continues to be weak and will be weak, we believe, for a number of quarters to come," CFO Andre Schulten said during the company's earnings call with analysts.
The company also reiterated its fiscal 2025 outlook, anticipating core net earnings per share between $6.91 to $7.05 and revenue growth of 2% to 4%.
In Economic News:
Housing Starts and Building Permits both declined in September, the Census Bureau reported Friday, signaling contraction in the housing market heading into the final quarter of the year.
New construction totaled 1.354 million for the month, decreasing by 0.5% from August's upwardly revised print but coming in slightly above consensus estimates. For permits, September saw authorizations decline by 2.9% from August's downwardly revised print to 1.428 million. September's total also came in below expectations.
In the News:
Apple (NASDAQ: AAPL) shares rose Friday following a Bloomberg News report that sales of its new iPhone 16 in China rose 20% in their first three week compared with the iPhone 15, according to data from Counterpoint Research.
CVS Health (NYSE: CVS) announced Friday CEO Karen Lynch will step down, effective immediately, with longtime veteran David Joyner taking the top spot. In a release, CVS also said it expects adjusted earnings of between $1.05 and $1.10 per share for its third quarter, adding that it anticipates higher medical costs than previously estimated.
"In light of continued elevated medical cost pressures in the Health Care Benefits segment, investors should no longer rely on the Company's previous guidance provided on its second quarter 2024 earnings call," the company said in a release.
Spirit AeroSystems (NYSE: SPR) announced Friday it has furloughed 700 workers for 21 days due to Boeing's (NYSE: BA) ongoing machinist strike. More than 32,000 Boeing workers have walked off the line since Sept. 13 after rejecting a tentative labor deal between the aerospace manufacturer and their union.