Investing.com - Wall Street wrapped up Friday with a weekly win as the U.S. government was set to reopen and consumer discretionary stocks rallied, led by Starbucks.
The Dow Jones Industrial Average rose 0.75%, the S&P 500 gained 0.83%, while the Nasdaq Composite rallied 1.29%.
The U.S. partial government shutdown was brought to end, albeit temporarily, after President Donald Trump reached a resolution deal with Congress to fund the government until Feb. 15.
The bill that will open large swaths of the federal government is expected to pass both houses of Congress on Friday, Senate Minority Leader Chuck Schumer said.
It'll then make its way to the president's desk to be signed, marking an end to the longest shutdown in U.S. history. The shutdown had threatened to wipe as much as 0.1% every week from economic growth, CNBC reported last week, citing a Trump administration official.
Beyond the shutdown debacle, corporate earnings dominated direction, underscored by a rally in Starbucks after the coffee giants' results and guidance topped forecasts.
Starbucks (NASDAQ:SBUX) reported late Thursday fiscal first-quarter revenue and earnings that topped analysts' expectations.
The coffee chain also said it expects fiscal 2019 adjusted earnings per share to come in the range of $2.68 to $2.73, above market forecasts of $2.65. Its share price gained 3.6%, underpinning gains in the consumer discretionary sector.
Technology shrugged off downbeat earnings from chipmaker Intel to close higher for the day.
Intel (NASDAQ:INTC) fell 5.5% after it reported lower-than-expected revenue for the fiscal fourth quarter and soft guidance.
Intel's revenue of $18.66 billion missed estimates of $19.02 billion. Guidance for first-quarter profit and revenue of 87 cents $16 billion in revenue, respectively, fell short of estimates for earnings of $1.01 a share on $17.35 billion in revenue.
The energy sector, meanwhile, extended its gains from a day earlier, as oil prices rose on hopes that turmoil in Venezuela could tighten crude supplies, at a time when U.S. output remains at record highs. U.S. oil output was unchanged from a record 11.9 million barrels a day last week, according to data from the Energy Information Administration released Thursday.