Stock Rise for a Second Week
U.S. stocks on Friday climbed to their first back-to-back weekly gain in more than a month, on optimism for action by global central banks to stabilize markets if needed after Greek elections. The Dow Jones Industrial Average rose 115.26 points, or 0.91%, to 12,767.17, up 1.7% from the week-ago close. The S&P 500 Index climbed 13.74 points, or 1.03%, to 1,342.84, a weekly gain of 1.3%. The Nasdaq Composite advanced 36.47 points, or 1.29%, to 2,872.80, up 0.5% for the week.
The United States will push a global growth agenda at the two-day Group of 20 leaders’ summit in Mexico next week, the Obama administration said Friday.
Central banks from Tokyo to London checked their ammunition on Friday in preparation for any turmoil from Greece’s election, with the European Central Bank hinting at an interest rate cut and Britain set to open its coffers.
Factory output contracted in May for the second time in three months and families took a dimmer view of their economic prospects in early June, signs that the economy’s recovery is on shaky ground. Data released on Friday was the latest in a series of weak economic reports that have led analysts to cut growth forecasts while raising expectations the U.S. Federal Reserve could launch new stimulus measures.
Crude-oil futures rose Friday. Crude for July delivery tacked on 12 cents, or 0.1%, to settle at $84.03 a barrel on the New York Mercantile Exchange.