Wall Street limped to a mixed finish yesterday as a surprisingly strong employment report raised fears that a surge in economic growth could...
NEW YORK — Wall Street limped to a mixed finish yesterday as a surprisingly strong employment report raised fears that a surge in economic growth could spark inflation and prompt the Federal Reserve to aggressively raise interest rates. The major indexes finished the week higher.
The Dow Jones industrial average rose 5.02, or 0.05 percent, to 10,345.40,after being up as much as 57 points in morning trading.
Microsoft, one of the 30 Dow stocks, lost 1 cent to close at $25.22 a share. Boeing, also a Dow stock, gained $1.27 to close at $61.01.
Broader stock indicators were narrowly mixed. The Standard & Poor’s 500 index was down 1.28, or 0.11 percent, at 1,171.35, and the Nasdaq composite index gained 5.55, or 0.28 percent, to 1,967.35.
Most Read Stories
- ‘Big pool of blood’: Redmond man shoots cougar in research cage
- Afraid and confused, legal immigrants backing out of Seattle-area home purchases
- UW's Kelsey Plum breaks Jackie Stiles' NCAA all-time scoring record in 57-point performance vs. Utah VIEW
- 5-year-old Kent girl re-creates iconic photos of notable black women for Black History Month VIEW
- T-Mobile one-ups Verizon’s new unlimited data plan; 4Q results top forecasts
While posting solid gains for the week, the market’s uncertain reaction to good news — a reassuring statement on interest rates from the Fed on Tuesday and the jobs report yesterday — kept stocks from staging a major rally.
The Dow Jones industrials ended the week up 152.89, or 1.5 percent, finishing at 10,345.40. The S&P 500 index gained 14.50, or 1.25 percent, to close at 1,171.35. The Nasdaq rose 45.70, or 2.38 percent, during the week, closing yesterday at 1,967.35.
Bond prices tumbled yesterday as investors grew more concerned about interest rates. The yield on the 10-year Treasury note rose to 4.26 percent from 4.16 percent late Thursday. The dollar was up against most major currencies, while gold prices fell.
Crude-oil futures were volatile as speculators tried to figure out whether the jobs report would impact oil prices. A barrel of light crude settled at $50.96, up 13 cents, on the New York Mercantile Exchange after vacillating through the session.
Energy prices weighed heavily on consumers last month, according to the latest AP-Ipsos consumer-confidence index. The index came in at 78.2 in May, a sharp drop from April’s 84.5 reading. It was the lowest index reading since October 2003.
In company news, investors took little solace from General Electric’s announcement that it will restate results from 2001 through the first quarter of this year to reflect increased earnings. The industrial, finance and media conglomerate also boosted its profit forecasts for the current quarter. Shares of GE were unchanged at $35.85.
Fellow Dow component Intel added 23 cents to $24.49 after the semiconductor maker, at an analyst meeting late Thursday, promised double-digit revenue growth for 2005. The company also promised a new branding campaign later this year.
Pixar Animation Studios more than tripled its earnings thanks to sales of “The Incredibles” on DVD. The company’s profits blew past analysts’ forecasts by 20 cents per share. Shares of Pixar climbed $2.43 to $48.70.