Stocks finish their second-best week in a year


Traders Jennifer Lee and Edward Radziewicz, second left, work on the floor of the New York Stock Exchange Friday, Sept. 16, 2011. (AP Photo/Richard Drew)

SymbolPriceChangeAAPL400.50+7.54Chart for Apple Inc.EBAY33.69+1.65Chart for eBay Inc.GOOG546.68+4.12Chart for Google Inc.NFLX155.19-14.06Chart for Netflix, Inc.{“s” : “aapl,ebay,goog,nflx”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”}

NEW YORK (AP) — The stock market finished its second-best week in a year Friday as Europe’s debt problems appeared to get closer to a resolution.

Stocks ended higher for a fifth straight day, the longest winning streak in 2 1/2 months. The Dow Jones industrial average rose 75 points after Treasury Secretary Timothy Geithner called on European finance ministers at a meeting in Poland to reach a solution on Greece’s debt problems.

The Standard Poor’s 500 finished the week with a 5.4 percent gain. It was the biggest increase for the broad market index since the week that ended July 1.

The Dow Jones industrial average rose 75.91 points, or 0.7 percent, to close at 11,509.09. The Dow jumped 186 points Thursday, its biggest gain of the week, after five central banks said they would act together to support European lenders with unlimited dollar loans.

The SP index gained 6.90, or 0.6 percent, to 1,216.01. The Nasdaq added 15.24, or 0.6 percent to 2,622.31.

Nine of the 10 company types in the SP index rose. Energy companies fell 0.1 percent.

Officials from countries that use the euro met in Poland to discuss solutions to the long-simmering debt problems affecting the region. The group said it would not decide until next month whether Greece has qualified for its next round of bailout money. Investors had been hoping the question would be decided sooner.

Antony Conroy, head trader for BNY ConvergEx Group, said traders’ sentiment was mixed. Some were picking up stocks they thought were undervalued, while others were selling because of long-term concerns about Europe.

“Even though we’ve had a good couple of days, people still believe there’s a good chance that the credit crisis in Europe is going to cause something like a 2008 event,” he said.

Stocks rose every day this week, their first five-day winning streak since July. The rose 4.7 percent this week but is still down 0.9 percent for the month. The SP is down 0.2 percent in September.

In corporate news, Blackberry maker Research in Motion Ltd. plunged 19 percent to $23.93 after reporting sharply lower revenue and income. The company faces stiff competition from Apple Inc.’s iPhone and phones that use Google Inc.’s Android software. RIM has lost 59 percent of its value this year. The company said in July it would lay off 10 percent of its work force.

Netflix Inc. lost 26 percent over the past two days, $155.19, after the movie-rental company lowered its forecast of U.S. subscribers. Online retailer Ebay jumped 5 percent to $33.69 after an analyst upgraded the company because of expected growth in its PayPal division. Diamond Foods, maker of Pop Secret popcorn, soared 12 percent to $87.30 after its profits beat expectations.

Rising and falling shares were about even on the New York Stock Exchange. Volume was above average at 4.6 billion shares.

GD Star Rating
loading...

From: http://us.rd.yahoo.com/finance/news/rss/story/*http://us.rd.yahoo.com/finance/news/topnews/*http://biz.yahoo.com/ap/110916/us_wall_street.html

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Shopping Cart

There are no items in your cart.

Our Products

  • Credit Repair Guide

    120px-Credit-cards
    120px-Credit-cards
    There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting More Info »
    $2.00$1.00
    by Camarillo Publishing
  • Do-It-Yourself Loan Modification Software Kit

    product_img_1_128x128
    product_img_1_128x128
    The loan modification software guides the you the homeowner to the necessary calculations and forms that the banks are looking for, they are done for you instantly. You simply enter your information and the software does the rest. The software also integrates the new Obama home rescue program designed to give you homeowners a better More Info »
    $29.99$10.00
    by Camarillo Publishing
  • Free Short Sale e-Book

    Image_shortsale_book
    Image_shortsale_book
    WARNING: Do not list your home as a Short Sale until you have read this totally FREE report. This eBook can help you to buy another home in as little as 12 months!
    $0.00
    by Camarillo Publishing
  • Lender Forms

    lender-forms
    lender-forms
    An assorted collection of lender forms.
    $0.00
    by Camarillo Publishing

Categories

Archives

Advertisement

Advertisement

Call Now: 866-945-4215