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U.S. stocks closed higher on Friday but off the session's high, with the S&P 500 and Dow Jones Industrial Average logging back-to-back weekly losses ahead of the Nov. 5 presidential election.
Rising bond yields have been a concern in the run-up to the election, which remained too close to call on Friday and might take days or weeks to decide.
The Dow Jones Industrial Average gained 288.76 points, or 0.7%, ending at 42,052.19 on Friday
The S&P 500 advanced 23.55 points, or 0.4%, closing at 5,728.80
The Nasdaq Composite gained 144.77 points, or 0.8%, finishing at 18,239.92
For the week, the Dow shed 0.2%, while the S&P 500 fell 1.4%, its biggest weekly drop since Sept. 6, according to Dow Jones Industrial Average. Both indexes posted back-to-back weekly declines.
The Nasdaq fell 1.5% for the week, its biggest weekly loss since Sept. 6, while snapping seven straight weeks of gains.
ExxonMobil's third-quarter financial report showed mixed results. Net profits of $8.6 billion decreased 5.1% from the previous year, primarily due to weaker refining margins. However, the company maintained strong shareholder returns, distributing nearly $10 billion through dividends (increased by 4%) and share repurchases. The company's performance was bolstered by record oil and natural gas production in Guyana, strong Permian Basin output, and $11.3 billion in structural cost savings.
The broader energy market context showed some challenges, with crude oil prices falling about 15% since the end of the second quarter. CEO Darren Woods attributed this to a market imbalance, noting record demand for oil and petroleum products and abundant supply, particularly from U.S. unconventional developments. Similarly, competitor Chevron reported a more significant decline in profits, down 31% to $4.5 billion, though they too achieved record shareholder returns of $7.7 billion and strong production in the Permian Basin.
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