Indexes higher, set for best week since October – Reuters

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U.S. stock indexes were higher on Friday, led by Dow component Nike, setting them on track for their best weekly performance since October.

Nike’s shares (NKE.N) jumped 4.8 percent to $131.78 after the company announced a $12 billion share buyback and a 2-for-1 share split.

The stock provided the biggest boost to the Dow and the S&P 500, and helped lifted the S&P consumer discretionary .SPLRCD index by about 1 percent.

Earlier this week, minutes from the U.S. Federal Reserve’s October meeting hardened expectations of a December rate hike but showed policymakers were cautious on further hikes.

“Considering the major indices are back to near their 2015 highs and next week is a shortened holiday week with low volume, people who want to take money off the table will likely take this opportunity to do so,” said Phil Davis, chief executive of trading advisory website

Davis noted that Friday was an options expiration day, which tends to make the market more volatile.

At 9:40 a.m. ET, the Dow Jones industrial average .DJI was up 121.83 points, or 0.69 percent, at 17,854.58, the S&P 500 .SPX was up 11.54 points, or 0.55 percent, at 2,092.78 and the Nasdaq Composite index .IXIC was up 25.14 points, or 0.5 percent, at 5,098.78.

Among the major S&P sectors, only energy .SPNY was lower, with a 0.12 percent drop.

Abercrombie & Fitch (ANF.N) surged 20.6 percent to $23.40 after its quarterly profit more than doubled and same-store sales fell less than expected.

Foot Locker (FL.N) rose 7.5 percent to $66.15 and Ross Stores (ROST.O) rose 9 percent to $50.30 after results.

Gap (GPS.N) rose 4.6 percent to $26.24 despite cutting its profit forecast for the year.

Intuit (INTU.O) was up 9.1 percent at $106.25 after the Tax-preparation software maker forecast full-year profit above estimates.

Autodesk (ADSK.O) fell 4 percent to $59.90 after it posted a third-quarter loss.

St. Louis Fed President James Bullard and New York Fed President William Dudley are slated to speak at separate events.

Advancing issues outnumbered decliners on the NYSE by 2,048 to 637. On the Nasdaq, 1,665 issues rose and 577 fell.

The S&P 500 index showed 22 new 52-week highs and four new lows, while the Nasdaq recorded 30 new highs and 24 new lows.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)