U.S. stocks moved higher on Friday after the European Union and the United States unveiled a deal to supply Europe with more U.S. liquefied natural gas to help reduce dependency on Russia.
|I:DJI||DOW JONES AVERAGES||34707.94||+349.44||+1.02%|
|I:COMP||NASDAQ COMPOSITE INDEX||14191.839136||+269.23||+1.93%|
The rally extends from Thursday putting the three major averages on pace for weekly gains after world leaders dialed up the pressure on Russia. President Biden said more sanctions were meant to “increase the pain” on Putin. But the leaders released no details of possible new penalties.
Nat gas rose moving closer to the $6 level, while U.S. oil prices slipped to the $110 level. Brent, the global benchmark, fell to $116.
|UNG||UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT)||18.97||+0.94||+5.21%|
|USO||UNITED STATES OIL FUND L.P.||79.75||-2.20||-2.68%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||32.62||-0.86||-2.57%|
Gas prices hovered at $4.24 per barrel.
In stocks, marijuana companies jumped after the Senate passed a bill to expand scientific and medical research on marijuana and its compounds, including cannabidiol.
|TLRY||TILRAY BRANDS INC.||6.97||+1.25||+21.85%|
|CRON||CRONOS GROUP INC.||3.99||+0.32||+8.72%|
|ACB||AURORA CANNABIS INC.||4.04||+0.40||+10.99%|
|SNDL||SUNDIAL GROWERS INC.||0.75||+0.14||+23.10%|
Bed Bath & Beyond shares rose after announcing a “cooperation deal” with Chewy founder Ryan Cohen’s RC Ventures which owns 9.8% of company shares. Three of the firm’s members will join the Board of Directors. Cohen has called out CEO Mark Tritton for poor leadership and high compensation.
|BBBY||BED BATH & BEYOND INC.||22.10||+0.08||+0.36%|
Chinese ADRs may see some pressure after a U.S. accounting board said it continues to press companies for information from auditors.
|DIDI||DIDI GLOBAL INC||3.80||-0.01||-0.26%|
|BABA||ALIBABA GROUP HOLDING LTD.||115.15||-2.09||-1.78%|
Traders in the U.S. will get a couple of economic reports to wrap up the week.
The University of Michigan’s final index of consumer sentiment for March will be released. It’s expected to hold steady at the preliminary reading of 59.7, the lowest in nearly 11 years on inflation worries, and down sharply from February’s reading of 62.8.
The National Association of Realtors is out with its index of pending home sales for February. Economists surveyed by Refinitiv are looking for an increase of 1%, following a surprise decline of 5.7% in January attributed to low inventory and rising borrowing costs.
In cryptocurrencies, Bitcoin hit the $44,000 level.
FOX Business’ Ken Martin and The Associated Press contributed to this report.