U.S. equities got a little “bumpity bump” to close out the week as stocks ended the session higher on Friday. The S&P 500 increased 0.66% (19.09 points) while the Nasdaq had climbed 0.46% (36.80 points) by the time the market closed today. As an index, the Dow was the highest riser with gains of 1.03% (269.25 points) with significant help from Walt Disney (DIS) which soared an impressive 11.54% after announcing its “streaming war” aimed at Netflix (NFLX).
Several other components of the Dow saw quite a bit of movement today. Dow (DOW) which climbed 6.21% during the session. On the other end of the spectrum, UnitedHealth Group (UNH) fell the farthest, seeing losses of 5.18%. JPMorgan Chase (JPM) kicked off earnings season today by releasing their quarterly report. Its results showed that profit and revenue for the first quarter beat expectations and this positive news helped to lift the company’s stock today as it rose 5.18%.
JPMorgan’s CEO James Dimon explained his take on what the bank’s results mean as a reflection of confidence in the economy. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”
Seattle-based biotech Atossa Genetics (ATOS) dropped 1.97% today and during a quiet week that the company di share any updates of their breast cancer treatment programs.
Palo-Alto-based cybersecurity firm Finjan (FNJN) jumped up a solid 6.87% closing at the high of the day or $3.11/share thus breaking the 50-day moving average. Recent headlines indicate that they are making traction in the courts with their patent infringement cases against Cisco (CSCO), Juniper Networks (JNPR) and Bitdefender.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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