Stocks Jump Friday, End Week in the Red

U.S. stocks ended sharply higher on Friday, following data that signaled the U.S. economy was on track for solid growth. The Dow Jones Industrial Average gained 190.86 points, or 1.10%, to 17,511.57, and lost 1.3% over the week. S&P 500 closed up 26.75 points, or 1.34%, at 2,019.42, but was down 1.2% over the week. The Nasdaq Composite ended the day with a gain of 63.56 points, or 1.39%, at 4,634.38, and recorded a 1.5% weekly loss.

U.S. consumer prices fell in December by the largest amount in six years, reflecting another big monthly decline in gas prices and providing further evidence of falling inflation pressures.The Labor Department said Friday that its consumer price index dropped 0.4 percent last month, the biggest one-month drop since December 2008.

U.S. manufacturing output rose modestly in December, slowing from the torrid gains registered a month earlier but still signaling that American industry is weathering the impact of a strong dollar and weaker overseas markets. Factory output rose 0.3 percent last month, the Federal Reserve said on Friday.

Crude-oil futures rallied Friday, notching their first weekly gain in eight weeks as the International Energy Agency said collapsing crude prices would cut into supply growth from oil producers outside of the Organization of the Petroleum Exporting Countries. Light, sweet crude futures for delivery in February advanced $2.44, or 5.3%, to settle at $48.69 a barrel on the New York Mercantile Exchange.

About the Author

has written 14556 stories on this site.

Copyright © 2012 Nine Stocks