Closing Bell: Oil-Drilling Activity on the Rise; Banks Lead Wall Street Higher

Banking stocks led Wall Street sharply higher to end the week on the promise of relaxed regulations. This afternoon Donald Trump signed an executive order to put a pause on financial regulations, the first step in undoing Dodd-Frank. Oil settled higher despite another increase in weekly drilling activity. The number of active rigs drilling for crude oil in the U.S. rose by 3% in the past week to a total 583. GoPro (GPRO) - Get Report tumbled after reporting weak quarterly sales and guiding for a disappointing current quarter. The action camera maker reported a 24% slump in sales over its most recent three-month period. Clorox (CLX) - Get Report saw an increase in sales and volume over its recent quarter. The consumer goods company reported a nearly 5% increase in revenue, driven by growth in its cleaning and household products units.