The markets finish yet another week in the positive which puts the Dow 30 and the S&P 500 now in the green for the year. The Dow 30 gained 120 (0.69%), the S&P 500 added 9 (0.44%), and the Nasdaq 100 posted a 20 point (0.43%) gain.Shares of McKessson (NYSE: MCK) were up 4.36% today despite a company announcement that up to $330 million in costs for restructuring, including layoffs, amid a consolidation wave led by Walgreens Boots Alliance (NYSE: WBA) and CVS Health (NYSE: CVS). McKesson said in a regulatory filing Friday that its restructuring will result in a $300 million to $330 million charge this year, mostly for severance and employee-related costs. Investors cheered the move as the company expects the cost alignment to save about $170 million-$190 million in the coming fiscal year starting April 1, and about $70 million-$80 million the following year.
In the economically-sensitive financial sector, money center banks demonstrated relative strength as increases to JPMorgan Chase's (NYSE: JPM) and Bank of America's (NYSE: BAC) share buyback programs moved them to the top of the sector. JPMorgan posted a 2.94% gain today as did Bank of America (2.91%).
Boeing (NYSE: BA) continued its rally Friday gaining another 2.50%. The impressive move comes after 4 straight weeks of consecutive gains putting the airplane manufacturer up almost 14% for the month. Technical traders will note the short term extension and expect a pullback.