Updated from 4:53 p.m. EDT
Stocks in New York rose for the third time in four sessions Friday, as strong profit reports after the last close brought buyers back into the market.
The Dow Jones Industrial Average gained 53.49 points, or 0.39%, to 13,820.19. The S&P 500 was up 7 points, or 0.46%, to 1525.75. The Nasdaq Composite was better by 16.93 points, or 0.64%, to 2671.22.
For the major indices, it was their second winning week in a row, mostly thanks to the Federal Reserve's 50-basis-point interest rate cut on Tuesday. The Dow and the S&P 500 both climbed 2.8% for the week, and the Nasdaq added 2.7%."Today was a continuation of this week's good news, carrying us and allowing the rally to continue," said Paul Nolte, director of investments with Hinsdale Associates. "Next week there's a mess of earnings and data, so it will be tough to reconcile what the market has done this week. All in all, this was a positive end to a very good week." Breadth was positive. On the New York Stock Exchange 3.72 billion shares changed hands, as advancers topped decliners by a 5-to-3 margin. Volume on the Nasdaq reached 2.36 billion shares, with winners outpacing losers nearly 8 to 7. Crude oil pulled back a day after setting yet another record. The newly benchmarked November contract finished down 16 cents to $81.62 a barrel, but ended 4.5% higher on the week.