Amazon, Nike Push Up Wall Street

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On Friday, Wall Street’s main indexes gained mainly driven by increases in Amazon and Nike, while investors disregarding the probability of an imminent U.S. government shutdown.

Amazon increased 1.3 percent following its raise to the monthly fee for its Amazon Prime service, while Nike gained 2 percent following an upgrade from Wedbush analysts to “outperform”.

Lawmakers are coming close to the midnight deadline for the passage of bill to fund government operations through to Feb. 16 to prevent shutdowns of federal agencies. The Senate has not approved the bill as its future is uncertain.

“Naturally, there are concerns. The House has a deal and the Senate maybe an issue. But investors are betting something will get done to avert a shutdown,” said Andre Bakhos, managing director of an investment firm. “But if indeed nothing gets done, it will cause a hiccup in the market.”

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At 9:42 a.m. EST: The S&P 500 was up 7.73 points, or 0.28 percent, at 2,805.76 and the Nasdaq Composite was up 27.00 points, or 0.37 percent, at 7,323.04. The Dow Jones Industrial Average was up 13.87 points, or 0.05 percent, at 26,031.68.


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The two biggest drags on the blue-chip index were IBM and American Express.

IBM dropped 2.8 percent after announcing its first revenue rise in 23 quarters as the company warned that a higher tax rate this year would impact its profits.

American Express fell 2 percent after announcing its first quarterly loss in 26 years and that it would not buy back shares for the next six months because of the effects of the U.S. tax reform.

Schlumberger reported a larger-than-expected profit as the oilfield services provider gained from increased oil prices. Though, the company’s shares dropped 1.31 percent.

Oil prices lost more than half a percent on Friday as a rebound in U.S. production offset the continuous declines in crude inventories.

Advancing issues outnumbered decliners on the NYSE by 1,423 to 1,122. On the Nasdaq, 1,397 issues rose and 1,063 fell.

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