The Dow Jones industrial average (^DJI) gained nearly 55 points on the day, to complete its seventh straight weekly gain. The S&P 500 (^GPSC) rose 9 points Friday, and the Nasdaq composite index (^IXIC) added 22.
Time Warner Cable (TWC) jumped 10 percent, following a Wall Street Journal report that its much smaller rival, Charter Communications (CHTR), is nearing a deal to borrow enough money to make a bid for the cable company. Charter gained 5.5 percent, and other cable and satellite companies followed it upward. Cablevision (CVC) rose 6 percent and DirecTV (DTV) added 3 percent.
Biogen Idec (BIIB) jumped 13 percent after winning a decade of market exclusivity in Europe for its new multiple sclerosis treatment.
Some retailers continued to struggle. Gap (GPS) fell 1 percent on a disappointing earnings outlook. Target (TGT), J.C. Penney (JCP) and TJX (TJX) also fell.
And another discounter warns investors the holiday season won't have much ho-ho-ho in its sales stocking. Ross Stores forecast results for the current quarter that fell short of expectations. Its shares lost 5 percent.
Other Big Movers Included:
- Intel (INTC), down 5 percent after forecasting flat sales for next year.
- Data analytics firm Splunk (SPLK) rallied 22 percent as revenue soared.
- The National Association of Realtors releases pending home sales for October at 10 a.m. Eastern time.
- The Federal Reserve Bank of Dallas releases its manufacturing survey for November at 10:30 a.m.