This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Dow Rises for Eighth Week in Row

Stocks in this article: ^DJI^GSPC^IXIC

NEW YORK ( TheStreet) - The Dow Jones Industrial Average rose on Friday, thanks to an earnings-inspired rally in General Electric (GE), but the Nasdaq Composite continued to slip.

The Dow gained 49 points, or 0.4%, to close at 11,872, after rising as high as 11,905 earlier in the session. The S&P 500 was higher by 3 points, or 0.2%, at 1283, but the Nasdaq Composite fell 15 points, or 0.5%, to finish at 2689, losing ground for a third straight session.

The Dow gained for the eight week in a row, adding 0.7% to close at a new 30-month high of 11,872. The S&P 500 snapped its winning streak, losing 0.7% of its value over the week. The Nasdaq was the weakest of the major U.S. equity indices, shedding more than 2% this past week.

Earnings reported so far have been largely positive but the reports have been weighted heavily towards financials, which were expected to beat expectations.

Jim Paulsen, of Wells Capital Management says stocks are still cheap on a one-year forward basis. "The S&P is still down 20% from all-time highs. Yet earnings are up 50% from the previous peak. At the same time bond yields have fallen by half," said Paulsen. "There is still a lot of room for stocks to rise."

Shares of General Electric powered the Dow's gains Friday, jumping 7.1% to $19.74, after the company beat analysts' estimates with earnings of 36 cents on sales of $41.1 billion. Wall Street had been expecting earnings of 32 cents a share on sales of $39.9 billion.

In addition, President Obama tabbed GE CEO Jeffrey Immelt as the head of his Council on Jobs and Competitiveness.

3M (MMM), American Express (AXP), Chevron (CVX), Exxon Mobil (XOM), Hewlett- Packard (HPQ), JPMorgan Chase (JPM) and Walt Disney (DIS) all rose more than 1% as gainers outpaced decliners, 18 to 12, among the blue chips.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs