By Barbara Kollmeyer and Anora Mahmudova, MarketWatch

Micron Technology jumps to new 52-week high after earnings

U.S. stock-market indexes edged higher Friday, but were still on track for their worst weekly performance in months as investors await a postponed vote on a closely watched health-care bill.

The S&P 500 was up by 5 points, or 0.2%, to 2,351 with eight of the 11 main sectors trading higher. Technology stocks were leading the gains, up 0.6%.

The Dow Jones Industrial Average picked up 24 points, or 0.1%, to 20,682, with Intel Corp leading the gains up 1%.

The tech-heavy Nasdaq Composite Index was up 25 points, or 0.5%, to 5,844.

All three main indexes looked set for weekly losses of about 1%, their biggest since the week ended Dec. 30, according to FactSet data.

"At a time when the S&P 500 is trading above its fair value if you consider a forecast of $130 earnings per share on a 17-times multiple, Wall Street would really like to be reassured about the tax reforms," said Kim Caughey Forrest, senior analyst and portfolio manager at Fort Pitt Capital Group.

"The fact that lawmakers are fighting over the health-care bill raises questions of what will get done and how soon," Forrest said.

Voting on health-care legislation that would replace the Affordable Care Act, widely known as Obamacare, is scheduled for late-afternoon Friday. It was postponed from Thursday night after its Republican backers failed to win over the bill's opponents within their own party.

Read:Here's what the health-care vote means for financial markets (http://www.marketwatch.com/story/what-traders-are-watching-as-health-care-vote-looms-2017-03-23)

Market reaction to durable-good orders (http://www.marketwatch.com/story/orders-for-durable-goods-post-second-straight-gain-2017-03-24)was muted.

Need to know:The Trump rally's not over--at least until this danger sign flashes (http://www.marketwatch.com/story/the-trump-rallys-not-over-at-least-until-this-danger-sign-flashes-2017-03-24)

But modest gains on Friday were attributed to Trump playing hardball on the health-care vote.

"In a shock-and-awe move, at least for us, President Trump raised the stakes by declaring that should the bill get voted down today, he is prepared to leave Obamacare in place and move on to tax reform," IronFX analysts Marios Hadjikyriacos and Charalambos Pissouros told clients in a note.

Read:Trump's ultimatum--pass health bill now or live with Obamacare (http://www.marketwatch.com/story/trump-ultimatum-pass-health-bill-now-or-live-with-obamacare-2017-03-23)

Economic docket and Fed speakers: New orders for durable goods climbed 1.7% in February, rising for the second straight month.

Meanwhile, St. Louis Fed President James Bullard said U.S. labor market improvement is slowing down, speaking at the Economic Club of Memphis at 9:05 a.m. Eastern. New York Fed President William Dudley will speak at a fireside chat at the York College, City University of New York with questions from the audience starting at 10 a.m. Eastern Time.

Late Thursday, Dallas Federal Reserve President Robert Kaplan said (http://www.marketwatch.com/story/feds-kaplan-wants-gradual-rate-hikes-but-doesnt-expect-pause-in-policy-track-2017-03-23) he wants a "gradual and patient" approach to raising interest rates this year but that that doesn't necessarily include a "pause" in the Fed's rate-tightening policy.

Stocks to watch: Shares of Micron Technology Inc.(MU) jumped more than 11% to set a new 52-week high at $29.87 at the open after guidance for the current quarter exceeded analysts' estimates late Thursday.

Read:Micron profits from memory shortage, expects party to continue (http://www.marketwatch.com/story/micron-profits-from-memory-price-spike-expects-party-to-continue-2017-03-23)

Twitter Inc. (TWTR) rose 2.5% after a report the online news and social-networking service is exploring a subscription-based premium service for professionals (Twitter%20Inc.%20is%20exploring%20a%20subscription-based%20premium%20service%20for%20professionals,%20which%20could%20create%20an%20important%20new%20revenue%20stream%20for%20the%20beleaguered%20company.), which could open up a new revenue stream for the beleaguered company.

GamesStop Corp.(GME) shares tumbled 12% after the videogame retail chain said it would close at least 150 stores (http://www.marketwatch.com/story/gamestop-to-shut-at-least-150-stores-shares-sink-2017-03-23).

SeaWorld Entertainment Inc.(SEAS) said Friday it would sell a 21% stake held by affiliates of Blackstone Group L.P (http://www.marketwatch.com/story/blackstone-to-sell-its-seaworld-stake-to-chinas-zhonghong-at-a-33-premium-to-market-prices-2017-03-24).(BX) to a unit of China's Zhonghong Zhuoye Group Co. Ltd. for $23 a share, a 33% premium to Thursday's closing price of $17.31. Shares rose 7.7% to $18.64.

Other markets: Several Asian stock markets (http://www.marketwatch.com/story/asia-pacific-markets-pick-up-speed-despite-delay-on-us-health-care-bill-2017-03-23) gained amid cautious optimism ahead of the final health-care vote. European stock markets were sagging, with the FTSE 100 set for the worst week since January.

The dollar firmed up against the yen, but eased against the euro. The shared European currency jumped after eurozone flash PMIs beat forecasts. Oil prices rose slightly, while gold eased.

 

(END) Dow Jones Newswires

March 24, 2017 10:16 ET (14:16 GMT)

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