Stocks Finish Trading Week Strong as Tech, Financials Lead




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Summary: Stocks closed out the trading week with a bang as tech and financials led a strong finish. The Dow Jones Industrial Average rallied over 150 points, up six of the last seven days. The S&P 500 and the Nasdaq were also higher at the closing bell. All three benchmark indexes snagged new records for intraday prices, and the S&P and Dow traded with gains for the week. Shares of railway company CSX dipped Friday after the company announced CEO Hunter Harrison is taking a medical leave of absence. Harrison, who is 73, will take time off to manage complications from a recent illness. Former operating chief Jim Foote will take over as acting CEO while Harrison is out. Oracle stock tumbled after the enterprise software company issued guidance about its cloud-computing business that disappointed inventors. Oracle said total cloud revenue in the second quarter rose 44% to $1.52 billion, missing estimates. Oracle forecast that its total cloud app and service revenue in the third quarter would only rise 21% to 25%, well below a consensus for cloud revenue to rise 42% to $1.69 billion. And bitcoin was at it again Friday as prices flirted with $18,000. In the last month, the price of the darling cryptocurrency have rallied over 130%. Watch More with TheStreet: Ken Fisher: 'Monkeyism' Causes Investing Mistakes Disney CEO Robert Iger Has Created Quite the Legacy for Himself Jim Cramer Explains Why Alphabet is Much More Than Search 5 of the Most Unexpected Retail Partnerships