Stocks Creep up in Halloween Trading
July 7, 2008 - 7:21 PM
(CNSNews.com) - There was nothing scary on Wall Street Friday as the three major markets ended the day with mixed results and the week with gains.
The Dow Jones industrial average rose 14.51 points to reach 9,801.12, up 218.66 points over the past five days. The Nasdaq Composite index slipped 0.48 points to 1,932.21, up 66.62 points since last Friday, and the Standard & Poor's 500 index advanced 3.77 points to 1,050.71, up 21.80 points for the week.
One day after the government announced that the gross domestic product grew at a substantial 7.2 percent annual rate, a report showed personal income inched up 0.3 percent in September. On the other hand, personal spending slipped 0.3 percent during the same month.
Meanwhile, the University of Michigan released its final reading on consumer sentiment in October, revising the preliminary number upward to 89.6 from 89.4 and up from 87.7 a month earlier.
The major U.S. indexes responded with mostly positive results, reflecting what Barry Berman, head trader for Robert W. Baird & Co. in Milwaukee, told CNN was "a kind of a tug of war" in the markets.
"There's been a big run in the market since March, and a lot of people feel it's overbought," Berman said. "On the other hand, the economic report yesterday was good news, so people are looking for a stronger economy in the future."
Among the winners in trading on Friday were oil companies Anadarko Petroleum Corp. and ChevronTexaco Corp., as well as health insurer Cigna Corp., all of which reported third-quarter earnings ahead of analysts' projections.
Overseas markets also had mixed results on the final trading session of the week. Japan's Nikkei stock average dropped 1.27 percent. In Europe, France's CAC-40 lost 0.42 percent and Britain's FTSE 100 fell 0.31 percent, while Germany's DAX index rose 0.29 percent.
See Related Stories:
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Democrats Call Record Growth in Domestic Production 'Meaningless' (Oct. 31, 2003)
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