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Wednesday, Feb 1, 2023

Stocks End the Week Higher

Stocks rose modestly Friday to finish the week higher, setting aside a surge in crude oil futures and lukewarm earnings from Microsoft Corp.

The Dow Jones Industrial Average rose 23.41, or 0.2 percent, to 10,651.18. The Standard & Poor’s 500 Index climbed 6.64, or 0.6 percent, at 1,233.68. The Nasdaq Composite Index gained 1.14, or 0.1 percent, at 2,179.74.

Oil prices rose about 3 percent after a two-week slide, as dealers eyed tropical activity in the Caribbean that could threaten the Gulf of Mexico. U.S. light sweet crude oil futures settled up $1.52 to $58.65 a barrel, but remained well below the all-time high of $62.10 on July 7.

And Microsoft’s after-hours earnings report Thursday failed to provide much lift to the markets. The company posted a 37 percent gain in net earnings, but analysts worried that its operating earnings weren’t seeing stronger growth. Microsoft fell 2.9 percent to $25.76.

Among local movers, shares of Global e-Point Inc. jumped 73.3 percent to $6.93 a day after the City of Industry-based firm released a version of its video-security system designed to monitor public transportation systems. The company announced its mass-transportation system early Thursday, the same day London’s subways and buses were attacked in a second wave of bombings.

Hanmi Financial Corp. rose 8.8 percent to $19.25 after the L.A.-based holding company for Hanmi Bank reported, late Thursday, net income of $15 million (30 cents per diluted share) for the second quarter ended June 30, compared with $7.5 million (18 cents) for the like period a year earlier.

And Occidental Petroleum Corp. edged up 3.2 percent to $82.90 after the L.A.-based company said its second-quarter earnings more than doubled, fueled by higher energy prices and profits from its chemicals business. Occidental reported net income of $1.5 billion ($3.78 per diluted share) compared with $581 million ($1.46) for the like period a year earlier.

On the down side, shares of Big 5 Sporting Goods Corp. fell 4.7 percent to $26.40 after the El Segundo-based sports retailer’s stock was downgraded to “neutral 2” from “buy 2” by analyst Brian Nagel at UBS.


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