Wall Street closed out an impressive week with a mixed performance Friday after disappointing high-tech earnings punctured some of investors'...
NEW YORK — Wall Street closed out an impressive week with a mixed performance Friday after disappointing high-tech earnings punctured some of investors’ enthusiasm over better-than-expected bank-earnings reports. But the major indexes still ended the week with big gains, the result of rising optimism about the troubled financial sector.
The Dow Jones industrial average rose 49.91 to 11,496.57.
Microsoft, one of the 30 Dow stocks, fell $1.66 Friday to close at $25.86 a share, but was up 2.4 percent for the week. Boeing, also a Dow stock, gained $1.22 Friday to $68.14 a share, and was up 7.7 percent for the week.
Broader stock indicators were mixed for the day. The Standard & Poor’s 500 index rose 0.36 to 1,260.68, and the technology-focused Nasdaq composite index dropped 29.52 to 2,282.78.
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For the week, the Dow rose 3.6 percent, the Nasdaq increased 2 percent, and the S&P rose 1.7 percent.
The market was clearly pleased when Citigroup, while reporting a second-quarter loss Friday morning, beat analysts’ forecasts and joined Wells Fargo and JPMorgan Chase in delivering stronger results than the market anticipated.
But investors who ecstatically sent the Dow soaring by more than 480 points over Wednesday and Thursday were brought back down to earth by results from Google, Microsoft and Advanced Micro Devices.
Google’s results were lower than expected, while Microsoft missed forecasts by a penny. Also, AMD’s CEO stepped down after the chip-maker posted a wider-than-expected loss.
“If you look at the fundamentals, not a lot changed in the fundamentals, but you had the financial crisis come to a head,” said Philip Dow, managing director of equity strategy at RBC Dain Rauscher.
“This was a pivotal week that we just went through, one that perhaps marked a bottom for the financial crisis. That doesn’t mean we’re about to have a bull market, but maybe a break in the pronounced selling that’s been going on.”