Stocks rose on Friday as market participants ended the week on a high note. The Dow Jones Industrial Average jumped 300 points, while the S&P 500 Index and Nasdaq Composite gained 1.9% and 2.7%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): +1.89% or +73.76 points to 3,972.61
Dow Jones Industrial Average (NYSE: DIA): +1.00% or +330.93 points to 33,375.49
Nasdaq Composite Index (NASDAQ: QQQ): +2.66% or +288.17 points to 11,140.43
Taking center stage, Netflix (NASDAQ: NFLX) gained 7% after the streaming giant added more subscribers than expected even though its quarterly earnings missed Wall Street expectations. Netflix also noted that it plans to cut down on password sharing by enforcing rules "more broadly" towards the end of the first quarter of 2023, the company said in its earnings report.
Separately, CEO Reed Hastings announced he is stepping down, with co-CEO Ted Sarandos and COO Greg Peters set to take over.
Alphabet (NASDAQ: GOOGL) was also in the headlines Friday after Google announced it will lay off 12,000 people across its global workforce. "Over the past two years we've seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today," CEO Sundar Pichai wrote in a memo to employees.
Despite Friday's gains, the Dow and S&P ended the week in negative territory, falling 2.7% and 0.66%, respectively. The Nasdaq, however, outperformed for the week, posting a 0.55% gain and its third positive week in a row.
In economic news, sales of previously owned homes in the U.S. fell for an 11th consecutive month in December as high mortgage rates and limited inventory continued to weigh on demand. Contract closing declined 1.5% last month from November's reading to an annualized pace of 4.02 million, according to data from the National Association of Realtors (NAR).
"December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates," said Lawrence Yun, chief economist for NAR, in a statement. "However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.
Elsewhere, Genesis Global Capital filed for Chapter 11 bankruptcy protection late Thursday in U.S. Bankruptcy Court for the Southern District of New York. The decision comes after the crypto company cut 30% of its workforce in early January. The company listed 50-99 creditors in its filing, with liabilities ranging from $1.2 billion to $11 billion.