Stocks Extend Weekly Gains

U.S. stocks jumped Friday on better U.S. retail data, Google Inc. earnings and hopes about Europe’s debt situation. The Dow Jones Industrial Average rose 166.36 points, or 1.45%, to 11,644.49 points. It gained 4.9% for the week. The S&P 500 added 20.92 points, or 1.74%, to 1,224.58. It gained 6% for the week. The Nasdaq Composite rose 47.61 points, or 1.82%, to 2,667.85. It’s up 7.6% for the week. The Dow and the Nasdaq are now higher for the year, while the S&P 500 is off 2.6%.

The government ran a $1.3 trillion deficit for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red. The 2011 budget deficit was the second highest on record. It’s slightly ahead of the previous budget year’s $1.29 trillion deficit but below the $1.41 trillion imbalance record in 2009.

A series of encouraging economic reports sparked oil prices Friday, pushing the benchmark to the highest level in nearly a month. Benchmark crude rose $2.57, or 3.1 percent, to end at $86.80 per barrel in New York.

U.S. consumers stepped up their spending on retail goods in September, a hopeful sign for the sluggish economy. They spent more on autos, clothing and furniture last month to boost retail sales 1.1 percent, the Commerce Department said Friday.

About the Author

has written 14109 stories on this site.

Copyright © 2012 Nine Stocks