Wall Street Ends Week With Losses Despite Friday Gains
July 7, 2008 - 8:22 PM
(CNSNews.com) - Good news regarding the nation's tame inflation rate helped stocks make gains on Friday, but that wasn't enough to prevent all three major indexes from losing ground for the week.
The Dow Jones industrial average rose 70.75 points to reach 10,287.34, down 4.97 points over the past five days. The Nasdaq Composite index advanced 17.61 points to 2,064.83 , off 25.52 points since last Friday, and the Standard & Poor's 500 index climbed 9.72 points to 1,186.56, down 9.34 points for the week.
A report released on Friday by the U.S. Labor Department showed that consumer prices jumped 1.2 percent in September -- the biggest gain in more than 25 years -- as hurricanes Katrina and Rita led to the strongest energy-price surge on record. However, other than food and energy, prices rose just 0.1 percent for the fifth straight month.
The good news-bad news scenario was also played out in a government report that showed U.S. retail sales rose only 0.2 percent last month as car sales fell. Other than that, sales climbed a strong 1.1 percent, in part reflecting a huge leap in gasoline prices.
In addition, U.S. light crude oil for November delivery fell 45 cents to $62.63 per barrel on the New York Mercantile Exchange.
"We seem to have a hiccup every late September or October, and that's set us up for a bit of a rally," David Briggs, head of equity trading at Federated Investors, told CNN after noting that Wall Street has lost ground overall during four of the past five weeks. "The question is whether it fades in early November or lasts through the holidays."
Overseas markets ended the week with mixed results. While Japan's Nikkei stock average fell a bit, Britain's FTSE 100, Germany's DAX index and France's CAC-40 made slight gains during Friday trading.
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