A continued slide in oil prices gave Wall Street a moderate advance Friday, with earnings from Dell and a labor deal at General Motors feeding...
NEW YORK — A continued slide in oil prices gave Wall Street a moderate advance Friday, with earnings from Dell and a labor deal at General Motors feeding the gains. The major indexes ended the week more than 1 percent higher, their third straight winning week.
The Dow Jones industrial average gained 45.94 to 10,686.04, its highest close since Aug. 3. The Dow added more than 93 points in the previous session.
For the week, the Dow advanced 1.47 percent, the S&P 500 added 1.19 percent and the Nasdaq was higher by 1.52 percent.
Microsoft, one of the 30 Dow stocks, rose 10 cents to close at $27.28 a share. Boeing, also a Dow stock, fell 75 cents to close at $65.35 a share.
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Volume was light with the Treasury market closed for Veterans Day and many traders taking the day off. Friday’s advance was fueled by momentum from three weeks of strong gains, said Jay Suskind, head trader at Ryan Beck & Co.
Meanwhile, technology stocks moved higher as Dell’s lackluster results were not as bad as feared, and media conglomerate News Corp. rose after its operating profit — before a hefty accounting charge — beat analysts’ estimates.
The U.S. government bond market was closed for the holiday. On Thursday, a record Treasury auction carried bonds sharply higher after falling to eight-month lows last week. The dollar was mixed against other major currencies, and gold prices inched upward.
Crude oil has dropped to its lowest levels since summer following recent reports of expanding supplies and weaker demand. A barrel of light crude was down 27 cents to settle at $57.53 on the New York Mercantile Exchange.
Wall Street posted a third straight week of sturdy gains despite a shortage of economic or earnings data to guide investors. But next week brings key monthly reports on inflation, retail sales and industrial activity, as well as earnings from Wal-Mart, Hewlett-Packard and Tyco International.
Traders will be watching the numbers closely for any signs of where the market might be headed.