Dow Rises 134 Points to Finish Week Strong
The Dow rose 134 points on Friday to close 11,284. The NASDAQ rose 60 points to close at 2,479. The S&P 500 rose 17 points to close at 1,176. In the European markets, stocks were down as traders still have concern over the debt crisis. The STOXX, FTSE, and DAX were all to the negative side. In the Asian markets, the Nikkei was up 25 points, while the HANG SENG was down 149 points. The rally for US stocks broke a four-week losing streak for, as Federal Reserve Chairman Bernanke indicated the economy isn’t deteriorating fast enough to warrant any immediate stimulus.
Caterpillar and Alcoa paced gains among companies most-tied to the economy, adding at least 2.2%. All Dow stocks remained relatively flat, with HP falling the most at just 0.8%. Technology shares rose the most in the S&P 500, with Cisco and Intel advancing more than 1.5%. Jewelry retailer Tiffany & Co. soared 9.4% after reporting profits that beat analysts’ estimates and raising its earnings forecast.
In the commodities markets, gold rose despite the rise in the US stock markets, closing just shy of $1,800 an ounce. Gold may be in a holding pattern for a while until traders fully understand what route Bernanke is going to take in regards to stimulating the economy. Oil stayed put, holding above $85 a barrel, with no real news on Friday. There is talk though that there is unrest in Libya which could cause futures to fall next week.