Dow Closed Above 13000
U.S. stocks rose on Friday following a report on U.S. economic growth which met expectations and on hopes for further stimulus from the Federal Reserve and the European Central Bank. The Dow Jones Industrial Average gained 187.73 points, or 1.46%, to 13,075.66, its first close above 13,000 since May 7. It rose nearly 2% for the week. The S&P 500 rose 25.95 points, or 1.91%, to 1,385.97, up 1.7% for the week. The Nasdaq Composite rose 64.84 points, or 2.24%, to 2,958.09.
U.S. economic growth slowed to an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.
Treasury Secretary Timothy Geithner will meet with top European leaders Monday in a whirlwind visit to the troubled region.
Facebook’s ongoing pains as a newly public company continued Friday as shares dropped to a new low following signs the company’s growth is slowing.
Treasury bonds suffered the biggest one-day selloff Friday in more than four months, on fresh signs the European Central Bank could take bold actions to stem the euro zone’s debt crisis.