Updated from 4:35 p.m. ESTThe Dow Jones Industrial Average, led by GM ( GM - Get Report), was the best performer among the broad averages Friday, and stocks closed higher again to keep the multiweek rally alive. The Dow gained 45.94 points, or 0.4%, at 10,686.04, and the S&P 500 was up 3.76 points, or 0.3%, at 1234.72. The Nasdaq Composite added 5.79 points, or 0.3%, to 2202.47. For the week, the Dow rose 1.4%. The S&P added about 1%, and the Nasdaq increased 1.5%. Both the Dow and the S&P have had three straight positive weeks, while the Nasdaq was up for the fourth week in a row. Volume on the New York Stock Exchange totaled 1.29 billion shares, and on the Nasdaq, 1.46 billion shares traded. Advancing issues outnumbered decliners 5 to 4. The bond market was closed for Veterans Day after a strong rally in the 10-year Treasury note Thursday. The dollar fell against the yen and euro. Oil continued to give ground after falling to a three-month low Thursday. Amid warm weather and falling demand forecasts, crude for December delivery settled down 27 cents to $57.53 at the New York Mercantile Exchange. Gasoline lost 2 cents to $1.49 a gallon. GM rose 4.1% to $24.48 after the United Auto Workers ratified a health care plan that will allow the world's biggest automaker to cut its yearly expenses by $1 billion a year. Dell ( DELL), which had the fourth-highest volume on the Nasdaq, had slipped late Thursday after the company reported third-quarter operating earnings of 39 cents a share, consistent with its profit warning of Oct. 31. The PC maker also put fourth-quarter sales at $14.6 billion to $15 billion. Analysts were forecasting sales of $14.98 billion in the current quarter. In a conference call, Dell executives stressed that the company's growth rate of 9% to 11% is appropriate for a company of its size in the current business environment. The shares, which spent much of the after-hours session underwater, were rose 0.7% to $29.40.
Apple ( AAPL - Get Report) and Microsoft ( MSFT - Get Report) were among the tech names rising after the report. Elsewhere, bankrupt carrier Delta said it lost $1.1 billion in the third quarter despite a 9% rise in sales from a year ago. Excluding reorganization costs and other items, the loss would have been $438 million in the most recent quarter. E.W. Scripps ( SSP - Get Report) said fourth-quarter earnings will come in at the low end of its previous guidance because of the impact of Hurricane Wilma and soft retail sales at its Shop at Home television division. The company previously put earnings at 52 cents to 56 cents a share for the period. Shares of Scripps were off 48 cents at $47.10. DaimlerChrysler plans to sell its 12.4% stake in Mitsubishi Motors back into public markets via a block trade being arranged Friday by Goldman Sachs. The Mitsubishi stake had been defended by outgoing DaimlerChrysler CEO Juergen Schrempp. Shares of DaimlerChrysler added 57 cents at $50.17. Two retailers reported third-quarter results late Thursday. Kohl's ( KSS - Get Report) said earnings rose 15% from a year ago to $155.1 million, or 45 cents a share, beating estimates by a penny. Pacific Sunwear ( PSUN) reported a 20% rise in third-quarter profit to $40.5 million, or 54 cents a share, matching estimates. Kohl's rose 3.2%, but Pacific Sunwear lost 2.8%. Serena Software ( SRNA) agreed to a $24-a-share leveraged buyout being led by Silver Lake Partners. The company's shares have run up 20% over the last two weeks, but Serena slipped 15 cents to $23.50 after the plan was announced. Shares of Irish pharmaceutical maker Elan ( ELN) were upgraded to hold from sell at AG Edwards Friday. The brokerage argued that Tysabri, the multiple sclerosis drug developed with Biogen Idec ( BIIB - Get Report), stands a good chance of returning to the market. Elan rose 54 cents, or 6.1%, to $9.39, and Biogen was higher by 93 cents, or 2.1%, at $44.91. Overseas markets were higher, boosted by Thursday's 94-point rally on the Dow. London's FTSE 100 was recently up 0.5% to 5454 while Germany's Xetra DAX added 1.3% to 5081. In Asia, Japan's Nikkei rose 0.5% overnight to 14,155, while Hong Kong's Hang Seng rose 0.7% to 14,741.