By Christine Idzelis and Mark DeCambre
Banks are viewed as bellwethers of economic health so their outperformance and outlooks from executives can embolden optimistic investors.
“The big macro theme is the reopening of the economy,” said Smigiel. “We’re seeing a reflection of increased activity.”
Next week will see a number of big names reporting across several sectors, including Johnson & Johnson /zigman2/quotes/201724570/composite JNJ -0.44% , Netflix /zigman2/quotes/202353025/composite NFLX -2.83% , Tesla /zigman2/quotes/203558040/composite TSLA -1.82% , Intel /zigman2/quotes/203649727/composite INTC -1.69% and Chipotle Mexican Grill /zigman2/quotes/200781108/composite CMG -1.36% .
“There’s quite a long runway for the U.S. economy,” said Shawn Snyder, head of investment strategy at Citigroup’s U.S. consumer wealth management division, in a phone interview Friday. “It should continue to grow for the next couple of years.”
Which companies were in focus?
Shares of Alcoa Corp. /zigman2/quotes/200686102/composite AA -2.18% soared 15.2% Friday after the aluminum producer reported stronger-than-expected results, said it would pay its first dividend since 2016 and announced a $500 million share buyback.
Virgin Galactic Inc. /zigman2/quotes/208333884/composite SPCE -7.59% shares plunged 16.8% after delaying its next test flight and the start of its space-tourism business.
Shares of Charles Schwab Corp. SCHW rose 3.6% to another record Friday, after the discount broker reported third-quarter profit and revenue that rose above expectations, as continued bullish investor sentiment helped produce a fivefold increase in trading revenue.
Shares of Prologis Inc. PLD increased 0.9% after the real-estate investment trust focused on leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations.
How did other assets trade?
The 10-year Treasury yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.35% rose almost 6 basis points to 1.574% Friday, but was still down 3 basis points for the week. Yields and debt prices move in opposite directions.
Oil futures finished higher , with the U.S. benchmark /zigman2/quotes/209723049/delayed CL00 +1.77% rising 1.2% to settle at $82.28 a barrel. Gold futures /zigman2/quotes/210034565/delayed GC00 +0.04% ended lower Friday, falling nearly 1.7% to settle at $1,768.30 an ounce. For the week, gold gained 0.6%.
The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.97% closed 0.7% higher for a weekly gain of 2.65%, while London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.63% rose 0.4% Friday to advance 2% this week.
The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.16% closed 0.4% higher Friday, but fell 0.6% for the week. Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.52% advanced 1.8% Friday for a weekly gain of 3.6%.
—Barbara Kollmeyer contributed to this article.