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Investors entered the season expecting it to be a difficult time for businesses. FactSet expects first-quarter profits to fall 4.2% in the first quarter.
The sentiment was also reinforced Friday by a mbadive 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 30% in the pre-market market, while Chevron lost 4.3%.
Disney shares added to earnings, rising more than 6% after the media giant unveiled a streaming service at a lower price than Netflix. Shares of Netflix plummeted by 2%.
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