Stocks Close at Record Highs on Rate Cut Hopes; Costco Sales Beat Forecasts
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The Dow and Nasdaq closed at record highs on Friday amid optimism for rate cuts in 2023 despite a Fed official warning against betting on aggressive cuts.
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Costco stock rose after reporting sales and profits that beat expectations thanks to demand for cheaper groceries. Lennar fell due to weaker than expected margin guidance.
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DocuSign shares jumped over 12% on reports it is considering a potential sale.
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Darden Restaurants topped estimates but its full-year sales guidance fell short of forecasts.
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Oil prices posted their first weekly gain in two months on optimism for 2023 demand growth and a weaker dollar, though energy stocks closed lower Friday.