Wall Street turned in a mixed performance Friday as investors set aside some initial enthusiasm over a stronger-than-expected jobs report...
NEW YORK — Wall Street turned in a mixed performance Friday as investors set aside some initial enthusiasm over a stronger-than-expected jobs report to lock in some of Wall Street’s recent gains. Blue-chip stocks logged their third weekly advance in a row as investors grew more confident about the economy’s ability to outrun a deep downturn.
The Dow Jones industrial average rose 48.20 to 13,058.20 after being up more than 100 points early in the session.
Microsoft, one of the 30 Dow stocks, fell 16 cents to close at $29.24 a share. Boeing, also a Dow stock, gained 28 cents to $85.69.
Broader stock indicators ended mixed. The Standard & Poor’s 500 index rose 4.56 to 1,413.90, while the Nasdaq slipped 3.72 to 2,476.99.
Most Read Business Stories
- Seattle artists worry potential sale of historic INS building could spell the end for their studios
- Fired after organizing, Starbucks baristas turned down a payout and took their bosses to court
- Frontier cancels flight, citing maskless passengers
- 6 Dr. Seuss books won't be published for racist images
- The penthouse atop Smith Tower is on the rental market for the first time
Strong reports on employment and the pace of orders at factories offered investors fresh evidence that the economy might not be in as worrisome a state as many had feared. But a surprise quarterly loss from Sun Microsystems weighed on the tech-laden Nasdaq composite index.
Still, buyers outnumbered sellers after a government employment report showed the nation’s employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy. But after sharp gains Thursday, some investors decided to take some money out of stocks.
Sun Microsystems shares fell $3.69, or 23 percent, to $12.64 after the company stunned investors late Thursday by reporting a loss for the third quarter. The server and software maker blamed the loss on sagging sales to U.S. consumer-oriented companies that are delaying big-ticket spending.
The employment report Friday came at the end of a critical week for Wall Street. While corporate results dominated in previous weeks, investors this week focused on the Federal Reserve’s decision Wednesday to lower interest rates and on reports on the gross domestic product, personal spending and factory orders.