Stocks recover losses on tech rebound
U.S. stocks ended the day higher Friday as Internet shares rebounded after a three-day sellof.
KEEPING SCORE: The Dow Jones industrial average climbed 32 points, or 0.2 percent, to 16,583.34. The Standard & Poor's 500 index gained 3 points, or 1.5 percent, to 1,878.47. The Nasdaq composite rose 20 points, or 0.5 percent, to 4,071.87.
CBS DROP: CBS fell $1.61, or 2.8 percent, to $56.40 after first-quarter revenue fell short of analysts' projections.
Advertising sales at television's top-rated network slumped 12 percent.
RETAILER SLUMPS: Ralph Lauren fell $3.79, or 2.5 percent, to $148.20 after its forecast for sales for the current quarter disappointed investors.
RETAILER RISES: Gap rose $1.51, or 4 percent, $40.75 after the clothes store chain reported strong sales results for April and provided better-than-expected guidance for the first quarter.
THE QUOTE: "The market has been vacillating, but I believe for the rest of the year, a warming economy ... will push the equity market up," said David Kelly, chief global strategist at JPMorgan Funds.
HOTELIER HIGHER: Hilton Worldwide Holdings rose 59 cents, or 2.6 percent, to $23.23. The hotel chain reported first-quarter earnings of 13 cents versus the nine cents that analysts had expected.
SYMANTEC RISE: Symantec Corp. rose 74 cents, or nearly 4 percent, to $20.87. The security software maker said cost cuts helped boost its fourth-quarter profit margins and net income.
TECH BOUNCE: After plunging for several weeks, some of the biggest technology and Internet companies rose slightly. Netflix and Twitter gained about 1 percent each, and LinkedIn rose 2 percent.
BONDS AND COMMODITIES: The yield on the 10-year Treasury note rose to 2.62 percent from 2.61 percent on Thursday. The price of oil fell 16 cents, or 0.2 percent, to $100.10 a barrel.