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Closing Bell: U.S. Stocks Surge, Visa Jumps on Higher Payments Volume

U.S. stocks extended highs in the final hour of trading on Friday to end the month of January on the right foot.

U.S. stocks extended highs in the final hour of trading on Friday to end the month of January on the right foot. However, major indexes remain lower for the month as worries over China and oil persist. Visa (V) rose after breezing past estimates in its first quarter thanks to growth in payments volume. The credit-card company reported adjusted earnings 10 percent higher than a year earlier. Competitor MasterCard (MA) also reported a better-than-expected quarter. The world's second-largest payments network reported an 11 percent increase in profit on higher purchase volumes. Seagate (STX) surged following a resilient quarter in which the tech company weathered weaker demand for computer components. Seagate reached an intraday high of more than $30 a share. TheStreet's Keris Lahiff reports from Wall Street.

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