Updated from 4:04 p.m. EDT
The major averages used a late rally to close higher Friday after having spent the bulk of the session at the flatline or in negative territory.
Dow Jones Industrial Average finished with a gain of 63.87 points, or 0.6%, to 10,353.08. The
Nasdaq rose 10.95 points, or 0.6%, to 1741.39, and the
S&P 500 added 8.36 points, or 0.8%, to 1106.59.
was one of the catalysts in the early going, but lately the stock was up only 10 cents to $27.95. After the close Thursday, the company said first-quarter earnings fell about 1% from a year ago but still topped expectations, coming in at 17 cents a share on revenue of $8.07 billion. Analysts had been expecting earnings of 16 cents on revenue of $7.87 billion. Company executives also raised their second-quarter guidance.
Elsewhere in the technology sector, the semiconductor-equipment industry's book-to-bill report showed that for every $100 of product shipped in April, another $120 worth of orders was received. The bullish ratio follows a surprisingly strong earnings report on Wednesday for industry leader
, which said its own orders grew 51% in the latest quarter from the previous period. Applied's shares tacked on 18 cents to $27.31.
gained 43 cents to $31.20, while
Advanced Micro Devices
lost 20 cents to $12.20.
Outside the world of corporate news, the University of Michigan's preliminary consumer sentiment survey for May showed that U.S. consumers feel better about the current economy and the future than they did a month ago. The overall index rose to 96 from 93 in April. Analysts were expecting a reading of around 92.7, according to
steep fall from grace looked close to conclusion after the company met with the Nasdaq listing committee Thursday. Reports said Adelphia dodged an immediate delisting but still faces that possibility.
The cable company, whose father-and-son chief executive and chief financial officer resigned on consecutive days this week, reportedly has missed some recent interest and dividend payments and is under investigation by grand juries in New York and Philadelphia. The company's problems involve an off balance sheet financing arrangement that was used in part to finance stock purchases by its controlling family. Shares of Adelphia have now been halted for three days. The stock last changed hands Tuesday, closing at $5.70.
Two other companies looked ready to put lingering scandals behind them.
entered a consent decree with U.S. regulators under which it will pay $500 million to settle allegations that it failed to maintain proper manufacturing standards at factories in New Jersey and Puerto Rico. The company had already accrued a $500 million reserve to cover the payment but still lowered its guidance on the basis of the agreement.
said it will restate financial results for 1998 through 2000 after saying last month that it had discovered bookkeeping inaccuracies. The company said the restatement would cut 1998 net income by 3 cents a share, cut its 1999 loss by 2 cents a share and increase its 2000 loss by 16 cents a share. Network Associates won't restate 2001 or the first quarter of 2002. But it does plan to restate its balance sheet from last year's fourth quarter and this year's first quarter.
Schering-Plough rose 5.5% to $26.12, while Network Associates added 6.6% to $21.62.
Bond prices were lower Friday. Around 4 p.m. EDT, the 10-year Treasury was losing 20/32 to 97 5/32, yielding 5.25%. The 30-year was losing almost a point.