At least 55 people were killed, 1,120 injured after a magnitude 7.8 earthquake struck off the southern coast of Mindanao, the Philippines, on Monday, said the National Disaster Risk Reduction and Management Council on Friday.
The Philippine Institute of Volcanology and Seismology said the tectonic earthquake occurred at 7:37 local time at a depth of 33 km, with the epicenter 32 km southwest of the coast of Maasim town in Sarangani province on Mindanao Island.
55 killed, over 1,100 injured after strong quake in S. Philippines
U.S. stocks closed higher on Thursday after U.S. President Donald Trump announced he had called off planned strikes on Iran scheduled for the evening.
The Dow Jones Industrial Average rose 929.97 points, or 1.86 percent, to 50,848.75. The S&P 500 added 127.31 points, or 1.75 percent, to 7,394.30. The Nasdaq Composite Index increased by 640.158 points, or 2.54 percent, to 25,809.66.
Eight of the 11 primary S&P 500 sectors ended in the green, with materials and industrials leading the gainers by rising 3.26 percent and 3.25 percent, respectively. Energy and consumer staples led the laggards by decreasing 2.06 percent and 0.47 percent, respectively.
Oil prices dropped after Trump wrote on Truth Social that he had "cancelled the scheduled strikes and bombings against Iran this evening."
The West Texas Intermediate for July delivery lost 2.32 U.S. dollars, or 2.58 percent, to settle at 87.71 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased by 2.72 dollars, or 2.92 percent, to settle at 90.38 dollars a barrel on the London ICE Futures Exchange.
Chipmakers led the advance, with notable gains in Micron Technology, Advanced Micro Devices, and Intel, which helped offset earlier pressure on the technology sector.
On the economic front, wholesale inflation for May came in higher than expected, the U.S. Bureau of Labor Statistics reported. The producer price index for final demand rose 1.1 percent from the previous month and 6.5 percent from a year earlier.
In corporate news, Oracle dropped 8.53 percent despite reporting quarterly earnings that beat analyst expectations, as investors reacted to disappointing cloud revenue growth and the company's plans for an equity and debt offering.
The market's primary focus this week remains Friday's highly anticipated public debut of Elon Musk's SpaceX, which is expected to be the largest initial public offering in history.
U.S. stocks rebound after Trump calls off strikes on Iran
