Markets End Week With Losses Despite Friday Gains
July 7, 2008 - 8:21 PM
(CNSNews.com) - A late rally helped Wall Street make gains on Friday, but it wasn't enough to prevent all three major indexes from losing ground for the second straight week.
The Dow Jones industrial average rose 9.11 points to reach 9,628.53, down 140.15 points over the past five days. The Nasdaq Composite index advanced 11.96 points to 1,893.88, off 36.38 points since last Friday, and the Standard & Poor's 500 index climbed 1.63 points to 1,035.28, down 15.07 points for the week.
Usually, the last full week before Thanksgiving is a strong time for stocks. The S&P 500 has made gains during that period for 11 years, according to the Stock Trader's Almanac.
That was not the case this year, as investors have spent the past two weeks generally consolidating the profits they made from March through September.
"There is a little bit of bargain hunting today with no economic data to feed on," John Simon, stock index futures analyst at TradeSignals.com, told Fox News.
Among the day's gainers were: Nordstrom, Inc., which rose more than 8 percent after the company posted earnings that were better than expected; and Dilliard's, Inc., which climbed more than 5 percent after losses in clothing sales due to warm fall weather were not as bad as analysts had feared.
Shares in Krispy Kreme Doughnuts, Inc., also rose on Friday after reporting that quarterly earnings rose 43 percent because new store openings propelled sales.
Leading decliners was Merck, which lost almost 7 percent after the company scrapped its second experimental medicine in 10 days, this time a diabetes drug that was found to cause cancer in mice.
Overseas trading was mixed on Friday. Japan's Nikkei stock average slipped 0.1 percent, while in Europe, Germany's DAX index rose 0.1 percent, Britain's FTSE 100 gained 0.3 percent, and France's CAC-40 climbed 1.3 percent.
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