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U.S. stocks closed higher Friday as fears of a June Federal Reserve rate-hike eased following a Thursday selloff. The Dow Jones Industrial Average rose 65.54 points, or 0.4%, to close at 17,500.94, but was down 0.2% for the week for a fourth straight week of losses. The S&P 500 Index climbed 12.28 points, or 0.6%, to close at 2,052.32, snapping a three-week losing streak for a 0.3% gain. The Nasdaq Composite Index surged 57.03 points, or 1.2%, to finish at 4,769.56, snapping a four-week losing streak to rise 1.1% on a weekly basis.

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From:: Stock Market News

Oil futures on Friday scored a more than 3% gain for the week with production outages in Africa and Canada expected to help ease the glut of crude supplies. Prices for the session, however, settled lower following news that exports from an eastern port in Libya were set to resume and data showing that the weekly number of active U.S. oil rigs was unchanged. June WTI crude settled at $47.75 a barrel on the New York Mercantile Exchange, down 41 cents, or 0.9% for the session. The June contract, which expired at the settlement, gained 3.3% for the week.

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From:: Stock Market News

Gold futures fell on Friday, posting a loss of about 1.6% for the week, on concerns that the U.S. Federal Reserve may raise interest rates at its meeting next month. Higher rates can boost the dollar and weigh on dollar-denominated prices for gold. June gold fell $1.90, or 0.2%, to settle at $1,252.90 an ounce on Friday. The settlement was the lowest since April 27.

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From:: Stock Market News

Oil futures lost more ground after data from Baker Hughes showed that the number of active U.S. rigs drilling for crude was unchanged after falling over the last eight weeks in a row. The U.S. oil-rig count stood at 318 as of Friday. The total U.S. rig count fell 2 to 404. June crude was at $47.76 a barrel on the New York Mercantile Exchange, down 40 cents, or 0.8%. It was trading at $48.43 before the data.

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From:: Stock Market News

U.S. stocks opened higher on Friday, recovering some of the losses that were triggered by rate hike fears. The main indexes were on track to end the week roughly where they started. The S&P 500 was up 7 points, or 0.3%, to 2,046. The Dow Jones Industrial Average added 37 points, or 0.2%, to 17,478 at the open. Meanwhile, the Nasdaq Composite began the session up 21 points, or 0.5%, at 4,735.

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From:: Stock Market News

Campbell Soup Co. shares rose 0.8% in Friday premarket trading, after the company reported an earnings beat and raised its adjusted earnings per share outlook. The food company said it had net income of $185 million, or 59 cents per share, up from $179 million, or 57 cents per share. Adjusted earnings were 65 cents per share, beating the FactSet EPS consensus of 64 cents. Sales totaled $1.87 billion, slipping from $1.9 billion last year and falling short of the $1.91 billion FactSet consensus. Campbell’s Chief Executive Denise Morrison said in a statement that sales growth was hindered by a weaker soup season in the U.S., challenges with the V8 line of beverages, and a weather-related disruption to the company’s carrot supply. Campbell’s now expects fiscal 2016 adjusted EPS between $2.93 and $3.00, up from $2.88 to $2.96. It reaffirmed its sales outlook between negative 1% and flat. Campbell Soup shares are up 37% for the past year while the S&P 500 is down 4% for the same period.

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From:: Stock Market News

Saudi Arabian officials are talking with banks about issuing what would be the country’s first international bond sale, according to a Financial Times report Thursday, which cited people familiar with the matter. The plan to raise debt comes as the country has been using foreign exchange reserves for domestic spending in the wake of collapsing oil prices. Saudi Arabia wants the bond sale to take place later this year, the report said, and banks have been asked to indicate their terms for the sale.

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From:: Stock Market News