| Dow rallies triple digits; S&P 500 records first decline of the year |
| Feb-22-2013 |
| Keywords: stocks, s&p 500, weekly decline, 2013, hewlett-packard, marvel, fed, easy money, |
Stocks on Wall Street capped the week with solid gains.
The Dow Jones Industrial Average jumped 120-points on the day. The Nasdaq Composite gained 30-points. The S&P 500 finished 13-points higher.
Today rally came too late and wasn't enough to extend the S&P 500's seven week winning streak. The index closed the week down 0.15%, logging its first weekly decline of the year. The Nasdaq Composite finished lower as well, down 0.95%. The Dow Jones Industrial Average however managed to scratch out a 0.13% gain on the week.
Materials, technology and financials led gainers among its 10 major industry groups.
Hewlett-Packard led advancers on the blue chip index. HP's stock jumped 12.23% after topping Wall Street earnings and sales targets.
Technology stocks also proved to be a source of strength for the broader market.
Texas Instrument's stock price rose 5.23% after raising its dividend by 33%.
Marvell Technology gained 4.44% on its better than expected earnings and upbeat assessment of current quarter sales.
The market also got a boost on reassurances that the Federal Reserve's easy money policy wasn't going away anytime soon.
St. Louis Federal Reserve Bank President James Bullard today said, "Fed policy is very easy, and it's going to stay easy for a long time."
Wall Street also found support from a survey of German business executives showing sentiment in February rose to its highest reading since April. Read more about how data prompts rise in European stocks. |
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Posted by Lou Dobbs Staff at 2:00 PM Email to a friend |
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