Stocks Closed Higher, Boosted by Earnings

U.S. stocks closed higher on Friday, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States. The Dow Jones Industrial Average advanced by 127.51 points, or 0.76%, to close at 16,805.41, gaining 2.6% for the week. The S&P 500 finished up 13.76 points, or 0.71%, to 1964.58, rising 4.1% for the week. The Nasdaq Composite closed up 30.92 points, 0.69%, to 4483.71 and surged 5.3% for the week.

New data out this morning showed new home sales rose 0.2% to 467,000 in September. That may seem like a small number, but it’s the highest rate since July 2008. The government also revised down August’s blockbuster number from 504,000 to 466,0000.

Shareholders of U.S. banana company Chiquita Brands on Friday rejected a proposed merger with Irish tropical produce importer and distributor Fyffes and will enter into talks with a Brazilian suitor, Cutrale-Safra.

Colgate-Palmolive Co. (CL) said Friday it had net income of $542 million, or 59 cents a share, in the third quarter, down from $656 million, or 70 cents a share, in the year-earlier period, weighed down by restructuring charges, a Venezuela-related charge and other special costs.

About the Author

has written 14548 stories on this site.

Copyright © 2012 Nine Stocks