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Disney's shares added to earnings, rising more than 10% after the media giant unveiled a streaming service at a lower price than Netflix. Netflix shares plunged 2.9%.
The sentiment was also reinforced Friday by a massive deal in the energy sector. Chevron, a member of Dow, announced plans to acquire Anadarko Petroleum for $ 33 billion in cash and shares. The deal awards Anadarko a 37% bonus at the close of trading on Thursday. Anadarko shares jumped 32%, while Chevron shares fell 5%.
"Investors are calling for a consolidation of the US oil field in recent years (especially in the last year), so it could very well boost mergers and acquisitions on a larger scale," said Capital One analyst Phillips Johnston. Securities. "We believe this agreement has positive implications for other Permian players with a large footprint."
Friday's win saw the S & P 500 win its third consecutive weekly gain. In addition to the deluge of corporate news on Friday, investors likened the release of the US Federal Reserve's minutes from its March meeting, as well as further advances in US-China trade negotiations.
-Sam Meredith from CNBC contributed to this report.
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