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Midday Report: Chevron Suffers From Oil Slump; Stocks Rally

Stocks extended highs on Friday morning in a broad rally after the U.S. economy slowed in the fourth quarter, though not as badly as some feared.

Stocks extended highs on Friday morning in a broad rally after the U.S. economy slowed in the fourth quarter, though not as badly as some feared. The Bank of Japan's surprise decision to adopt negative interest rates also boosted markets. Consumer sentiment fell slightly in January as a stock market slump to begin the year worried the average American. Economists had expected an increase in the final reading for this month. Electronic Arts (EA) slid on weaker revenue in its third quarter. Sales fell 5% despite strong results for its 'Star Wars: Battlefront' game. The video-game developer also issued weaker fourth-quarter guidance. Chevron (CVX) fell as a weaker commodities environment hit the oil company harder than expected. The company swung to a fourth-quarter loss as revenue fell around one-third from a year earlier.

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