The Dow Jones Industrial Average rose 65 points, or 0.5%, to close at 13,029 after rising to as high as 13,082 earlier Friday. The S&P 500 added 1 point, or 0.1%, at 1378. The Nasdaq finished in the red, down 7 points or 0.2% at 3000, with shares of Apple ( AAPL) hitting a one-month low. The Dow gained 1.4% this week, while the S&P 500 edged up 0.6% and the Nasdaq lost 0.6%. Stocks began Friday on a strong note, as investors cheered strong quarterly reports from Dow companies on Thursday and Friday, and good economic data out of Europe. Markets lost steam by the end of the session as investors looked ahead to the earnings reports scheduled for next week. "Next week there's just a tremendous number of earnings coming out and it's more of a reflection of what we've seen so far, which has been very mediocre earnings with not a lot of positive guidance going forward," says Jeffrey Sica, president and chief investment officer of SICA Wealth Management.
NEW YORK (TheStreet) -- Blue-chip stocks posted their first weekly gain in three as a wave of strong earnings reports offset worries about Europe and the global economy.
U.S. Airways ( LCC) said it has the backing of the three largest unions at American Airlines ( AMR) for a merger and has also reached tentative contract agreements with the Tempe, Arizona-based carrier.AMR is scheduled to go into bankruptcy court on Monday to abrogate its union contracts. The unions say that a deal with US Airways would mean "avoiding a lengthy and contentious 1113 process (so that) the new carrier would be able to emerge from bankruptcy more quickly." Shares of US Airways finished lower by 1.8%. London's FTSE gained 0.5% and Germany's DAX finished higher by 1.1% as March U.K. retail sales, published Friday, rose 1.8% versus an expected 0.5%, and the Ifo institute's April business climate index for Germany increased to a nine-month high with its sixth consecutive rise to 109.9. Financial officials from the International Monetary Fund, World Bank and G20 are meeting met in Washington, D.C., Friday. Leaders from Russia and other developing nations said they're ready to help meet the International Monetary Fund's request for at least $400 billion to defend against flare-ups in the eurozone crisis , according to Reuters. Brazil is seeking increased voting before before it commits aid. June oil futures added $1.16 to settle at $103.88 a barrel, while June gold futures edged up $1.40 to settle at $1,642.80 an ounce. The benchmark 10-year Treasury was unchanged, with the yield at 1.97%, while the U.S. dollar index was lower by 0.5%.
2012 Stock Predictions and Outlook
|Your one-stop shop for 2012 stock recommendations and market predictions. |