By Staff Reporters
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U.S. equities finished higher, with all the major indexes posting solid gains for the week. Q4 earnings season approached the end of the final chapter, as Broadcom topped forecasts and issued upbeat guidance, though Zscaler's billings outlook appeared to overshadow a stronger-than-expected quarterly report, and Costco Wholesale posted mixed results. The market broke a four-week losing streak as Meta was one of the stocks that climbed after the Facebook parent announced big price cuts for its VR headsets, including the high-end Meta Quest Pro.
The economic front offered services sector reports that showed growth was stronger than expected.
Treasury yields came under pressure, along with the U.S. dollar, while crude oil prices were higher, and gold rallied.
Asia finished out the week in positive fashion, and Europe was mostly higher following some economic data.
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Backstone (NYSE:BX) has reportedly defaulted on a €531M bond backed by a portfolio of offices and stores owned by Finnish property investment firm Sponda, which it acquired in 2017. The private equity firm earlier sought an extension from holders of the securitized notes so that it could sell the assets and repay the debt, Bloomberg reported citing people aware of the matter. And, Seeking Alpha learned that the asset sale process was impacted by COVID-related disruptions, the Ukraine war (the assets are located in Finland, which shares its border with Russia) and wider market volatility.
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