Updated from 2:16 p.m. EDT
Four in a Row( At 5:20 p.m. EDT) I didn't think it was going to make it, but the Dow Jones Industrial Average managed to close above 8000 for the first time in nearly two months Friday. The index rose 39.51 points, or 0.5%, to 8017.59 as 21 of its 30 components climbed. IBM ( IBM) and JPMorgan Chase ( JPM) were the main contributors to the increase, accounting for about 20 points of the total.
Let's Call It a Week( At 1:50 p.m. EDT) Is anybody awake out there? Still not much going on in terms of the Dow's movement. Maybe that's for the best. Only about two hours separate the index from another winning week, so if we stay here, fine with me. How can anyone really be thinking about stocks at 2 p.m. EDT on a Friday? Seriously. Maybe it's exhaustion. This has been a busy week, packed with data, a G-20 meeting, a showing by FASB, a handful of earnings, worries about the future of GM ( GM) and more chatter about IBM ( IBM) for Sun ( JAVA). Or maybe it's just me. At any rate, the industrials haven't strayed far from the flat line Friday, though they did briefly go positive before pulling back to trade lower by 31 points at 7947. The range has been right at 100 points, most of that on the downside.
Not Much of a Move( At 10:40 a.m. EDT) Too bad Research in Motion isn't in the Dow Jones Industrial Average. Fine, so every day can't be an up day. It's still early though. Recently, the industrials were down 66 points at 7912. About an hour into the session the range has been narrow, 7910 to 7998. As expected, the latest jobs data were horrible -- 663,000 positions were lost last month and the unemployment rate reached 1983 levels. The only good news, and let's face it, it barely qualifies when you think about it, is that nobody was surprised and stocks weren't suffering too badly. Certainly speaks volumes about our expectations these days. Only nine of the 30 components were in the green, but the gains weren't particularly notable. General Motors ( GM) had the biggest move, and it was up 1.9% at $2.13. Hewlett-Packard ( HPQ) was adding 1.6% to $34.23. The decliners weren't moving much, either. The worst stock was Microsoft ( MSFT), down 3.3% at $18.66, followed by a 2.3% drop in Merck ( MRK) to $26.37. We'll still see a fourth straight advancing week as long as the Dow ends above 7776.
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