Dow Jones industrial average marks best week since January
NEW YORK — Stocks rose broadly on Friday, giving the Dow Jones industrial average its best week since January.
The market got a lift from two economic reports, one showing that inflation remained tame in August and the other showing that Americans spent more at stores last month, albeit slightly.
The Dow rose 75.42 points, or 0.5 percent, to 15,376.06. The index closed up 3 percent for the week.
Intel led the Dow higher. Analysts at Jefferies & Co. said Intel may be able to increase its sales with power-efficient chips. Intel rose 81 cents, or 3.6 percent, to $23.44.
The Standard & Poor's 500 index rose 4.57 points, or 0.3 percent, to 1,687.99. The Nasdaq composite index rose 6.22 points, or 0.2 percent, to 3,722.18.
Traders had a few economic reports to consider. Americans increased their spending modestly in August, roughly 0.2 percent, the Commerce Department reported. However, that was half of what economists expected.
The sales report was mixed. Shoppers spent more on cars, electronics and furniture, but they didn't buy much else. Last month, several retail chains including Nordstrom, Macy's and Wal-Mart cut their profit forecasts for the year.
The government also reported that wholesale prices rose 0.3 percent last month. Over the past year, prices have gained only 1.4 percent, a sign that inflation remains modest. One thing driving wholesale prices higher was energy, which spiked as tensions with Syria and the United States escalated.
Trading was light as Wall Street headed into the weekend and the Jewish holiday of Yom Kippur.
Investors were looking ahead to the Federal Reserve's policy meeting on Sept. 17-18, when the central bank is expected to decide the future of its bond-buying program.
“There's a lot of ‘wait and see' going on until the Fed meeting next week,” said Frank Davis, director of sales and trading at LEK Securities.
September has been very strong for stocks so far. The Dow is up 3.8 percent and the S&P 500 has gained 3.4 percent.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Natrona Bottling Co. keeps soda pop operation focused on craft, taste
- High pollution levels found near Ohio gas wells
- Chevron puts $20M into educating, training Appalachian workers
- PPG Industries to buy Westmoreland Supply paint store chain
- Allegheny Technologies reports $700,000 loss in 3Q
- Large-scale batteries are integral in shift to renewable energy
- Plastics, tech sectors crucial to cracker plants
- Fannie Mae might take 3% down
- Hackers rip into heart of open-source software
- Streaming won’t mean the end of cable
- Stocks on upswing