Stocks are set to end higher for the second consecutive week thanks to some better-than-expected earnings reports today.
Sports betting frim DraftKings (Nasdaq: DKNG) watched its stock rise 4% intraday Friday to $42.89 per share after posting revenues of $132.8 million on a loss of 57 cents per share. The expectations called for revenues of $131.6 million on a loss of 63 cents per share.
Networking hardware maker Cisco Systems (Nasdaq: CSCO) posted earnings of 76 cents per share, ahead of estimates of 70 cents; its stock surged 7% to $41.35 per share by midday Friday.
Shares of the Media conglomerate Disney (NYSE: DIS) gained 2% at $138.68 per share after beating top and bottom-line estimates. Its revenues came in at $14.7 billion, while it incurred a loss of 2 cents per share. Analysts were expecting a loss of 65 cents per share on revenue of $14.1 billion.
Another gainer today was Ford (NYSE: F), whose stock rose 4% to $8.52 per share after unveiling its fully electric van.
As a result, benchmarks were lifted today. The Dow Jones gained 1% to 29,382.12 points, the Nasdaq Composite added 77 points, while the S&P 500 was up nearly 1%. Benchmarks have been gaining for the most part over the past couple of weeks due to bullishness on Joe Biden winning the Presidency, a possible economic stimulus package, and encouraging news on the vaccine front earlier this week.
The bullishness in the stock market comes despite a new record high of Covid-19 cases being set each day. On Thursday, Dr. Scott Gottlieb, a former commissioner of the FDA forecasted that “Covid cases will peak in January” and is hopeful that we will “have some semblance of normalcy in the summer of 2021.”