Disney shares added to the gains, rising more than 10% after the media giant unveiled a streaming service at a lower price point than Netflix. Shares of Netflix, meanwhile, dipped 2.9%.
Sentiment was also boosted on Friday by a massive deal in the energy sector. Dow member Chevron announced plans to acquire Anadarko Petroleum for $33 billion in cash and stock. The deal values Anadarko at a 37% premium from the stock’s close on Thursday. Anadarko shares jumped 32% while Chevron fell 5%.
“Investors have been clamoring for consolidation of the US oil patch in recent years (especially within the last year), so this very well may kick-start M&A activity in the space on a larger scale,” wrote Capital One Securities analyst Phillips Johnston. “We think the deal has positive implications for other Permian players with a large acreage footprint.”
Friday’s gains put the S&P 500 on pace for its third consecutive weekly gain. On top of Friday’s deluge of corporate news, investors digested the release of the Federal Reserve’s minutes from its March meeting as well as further progress on U.S.-China trade talks.
—CNBC’s Sam Meredith contributed to this report.
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