NEW YORK — Wall Street extended its rally into a third month, shrugging off reminders of the recession and placing cautious bets on an economic recovery.
Stocks ended higher Friday after a day of quiet back-and-forth trading as investors determined that they could add to the gains of March and April despite mixed economic data and earnings reports.
The advance left the stock market’s major gauges with gains of about 1.5 percent for the week.
Wall Street has been growing more optimistic about the economy stabilizing, but the reports Friday confirmed that business conditions remain difficult and that any recovery is likely to be gradual.
Wall Street comeback extends to third month
Comments 0
Buzz up!BY THE ASSOCIATED PRESS
Published: May 2, 2009
A trader works Friday on the floor of the New York Stock Exchange. AP PHOTO
NEW YORK — Wall Street extended its rally into a third month, shrugging off reminders of the recession and placing cautious bets on an economic recovery.
Advertisement
Stocks ended higher Friday after a day of quiet back-and-forth trading as investors determined that they could add to the gains of March and April despite mixed economic data and earnings reports.
The advance left the stock market’s major gauges with gains of about 1.5 percent for the week.
Wall Street has been growing more optimistic about the economy stabilizing, but the reports Friday confirmed that business conditions remain difficult and that any recovery is likely to be gradual.
Results are mixed
A private group’s measure of the manufacturing industry showed a slower contraction in April than March.
However a separate government report said orders to U.S. factories fell more than expected during March. Companies also reported mixed results.
Earnings reports have been a major market driver over the past few weeks. The S&P 500 index rose 9.4 percent in April, the biggest monthly jump since March 2000.
"After the big run-up everyone is just trying to step back and trying to put their game plan together for the next month,” said Sean Simko, head of fixed income management at SEI Investments in Philadelphia.
The Dow Jones industrial average rose 44.29, or 0.5 percent, to 8,212.41, its highest close since Feb. 9.
The S&P 500 index rose 4.71, or 0.5 percent, to 877.52, and the Nasdaq composite index rose 1.90, or 0.1 percent, to 1,719.20.
The rally could easily falter, however, after the government releases results from its "stress tests” of major banks to see which ones will need more aid. Word came Friday that announcement of the results was pushed back from Monday to Thursday.
Alan Lancz, money manager at Alan B. Lancz & Associates, in Toledo, Ohio, said financial stocks could face some hurdles next week.
"Everyone is looking at the glass as half full right now and that tends to worry us, especially with the financials,” he said
by the associated press
Stocks ended higher Friday after a day of quiet back-and-forth trading as investors determined that they could add to the gains of March and April despite mixed economic data and earnings reports.
The advance left the stock market’s major gauges with gains of about 1.5 percent for the week.
Wall Street has been growing more optimistic about the economy stabilizing, but the reports Friday confirmed that business conditions remain difficult and that any recovery is likely to be gradual.
Wall Street comeback extends to third month
Comments 0
Buzz up!BY THE ASSOCIATED PRESS
Published: May 2, 2009
A trader works Friday on the floor of the New York Stock Exchange. AP PHOTO
NEW YORK — Wall Street extended its rally into a third month, shrugging off reminders of the recession and placing cautious bets on an economic recovery.
Advertisement
Stocks ended higher Friday after a day of quiet back-and-forth trading as investors determined that they could add to the gains of March and April despite mixed economic data and earnings reports.
The advance left the stock market’s major gauges with gains of about 1.5 percent for the week.
Wall Street has been growing more optimistic about the economy stabilizing, but the reports Friday confirmed that business conditions remain difficult and that any recovery is likely to be gradual.
Results are mixed
A private group’s measure of the manufacturing industry showed a slower contraction in April than March.
However a separate government report said orders to U.S. factories fell more than expected during March. Companies also reported mixed results.
Earnings reports have been a major market driver over the past few weeks. The S&P 500 index rose 9.4 percent in April, the biggest monthly jump since March 2000.
"After the big run-up everyone is just trying to step back and trying to put their game plan together for the next month,” said Sean Simko, head of fixed income management at SEI Investments in Philadelphia.
The Dow Jones industrial average rose 44.29, or 0.5 percent, to 8,212.41, its highest close since Feb. 9.
The S&P 500 index rose 4.71, or 0.5 percent, to 877.52, and the Nasdaq composite index rose 1.90, or 0.1 percent, to 1,719.20.
The rally could easily falter, however, after the government releases results from its "stress tests” of major banks to see which ones will need more aid. Word came Friday that announcement of the results was pushed back from Monday to Thursday.
Alan Lancz, money manager at Alan B. Lancz & Associates, in Toledo, Ohio, said financial stocks could face some hurdles next week.
"Everyone is looking at the glass as half full right now and that tends to worry us, especially with the financials,” he said
by the associated press
No comments:
Post a Comment