U.S. stock indexes edged higher in early trading Friday, building on a three-day market. Consumer-focused stocks were among the biggest gainers. Telecom and financial stocks were laggards.
KEEPING SCORE: The Dow Jones industrial average gained 43 points, or 0.2 percent, to 17,973 at 10:14 a.m. Eastern Time. The Standard & Poor’s 500 index added six points, or 0.3 percent, to 2,105. The Nasdaq composite rose 26 points, or 0.6 percent, to 4,869.
REBOUND: Stocks have surged almost 5 percent over the last three days, wiping out almost all of the losses they suffered after British citizens voted to leave the European Union last week. The three major U.S. stock indexes are on track to end the week higher.
CONSUMER STOCKS: Several consumer-focused stocks were trading higher. Amazon and Home Depot each rose 1.3 percent. Amazon added $9.33 to $724.95, while Home Depot gained $1.68 to $129.37. Netflix climbed $4.58, or 5 percent, to $96.01.
FORGETTABLE DAY: Micron Technology slumped 9.7 percent after the memory chip maker reported disappointing sales and gave an outlook that fell short of Wall Street’s expectations. The company also said it will eliminate jobs to reduce its spending. The stock shed $1.35 to $12.42.
EUROPEAN MARKETS: The Bank of England said Thursday it would likely offer more monetary stimulus to the British economy to help it cope with the drop in business activity it is experiencing due to last week’s vote to leave the European Union. The British government said Friday it would abandon its goals of achieving a budget surplus by the end of the decade, which would free up more money for the economy. European stock indexes were all moving higher. Britain’s FTSE 100 was up 0.5 percent, while Germany’s DAX was up 0.3 percent. France’s CAC 40 was up 0.3 percent.
ASIA’S DAY: Japan’s Nikkei 225 climbed 0.7 percent, while South Korea’s KOSPI rose 0.9 percent and Taiwan’s TAIEX index added 0.8 percent. Australia’s S&P ASX 200 index gained 0.3 percent. Southeast Asian markets were mixed. The Hong Kong market was closed for holiday.
ENERGY: U.S. crude was up 12 cents to $48.45 a barrel in New York. Brent crude, used to price international oils, was up 20 cents to $49.91.
CURRENCIES: The dollar fell to 102.50 yen from 103.27 yen late Thursday. The euro rose to $1.1151 from $1.1077, while the pound rose to $1.3329 from $1.3244.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 1.45 percent from 1.47 late Thursday.