Wall Street moved modestly higher by midday Friday, yet major indexes remain on pace to break a three-week winning streak. At midday, the S&P 500 was up 0.4% to 6,630, while the Nasdaq 100 gained 0.2% to 24,440. The Russell 2000, the benchmark small-cap index, rebounded 0.5%.
Wall Street retreated on Thursday, with major indexes heading for a third straight day of losses as stronger-than-expected economic data reduced hopes for near-term Fed rate cuts and lifted the dollar.
Wall Street kept driving equity valuations higher on Friday, extending the momentum from Thursday when all major U.S. benchmarks closed at record highs following the Federal Reserve's rate cut.
All three major U.S. equity benchmarks — the S&P 500, Nasdaq 100, and Dow Jones — surged to fresh record highs on Thursday, as investors piled into risk assets on growing bets that interest rates will soon fall.
Phillips 66 to acquire remaining 50% stake in WRB Refining LP from Cenovus Energy for $1.4 billion, gaining full ownership of two US refineries and simplifying operations.
Diversified Energy Co. (NYSE: DEC) will acquire Canvas Energy for $550 million, expanding its presence in Oklahoma and boosting production and cash flow.
