Dow ends losing streak; consumer confidence gains
The Dow Jones industrial average has logged its first winning week in a month.
The Dow rose 39 points Friday, ending the week with a gain of 2.8 percent, its best weekly advance since mid-February. The market slid in early trading on disappointing retail sales numbers but pared its losses after a report consumers are gaining confidence in the economy.
Treasury prices rose, pushing down interest rates.
The Reuters/University of Michigan consumer sentiment index showed consumer confidence rose to its highest level since January 2008 and came in well ahead of forecasts. The jump in confidence was an encouraging sign, but it still doesn't signal the all-clear for the economy, said Michael Sheldon, chief market strategist at RDM Financial Group in Westport, Conn.
"The market is nervous," said Joe Heider, a principal at Rehmann Financial in Cleveland. "It's reacting on a day-to-day basis." Heider said the economy is not growing fast enough to overcome concerns about Europe's debt crisis and issues such as the Gulf of Mexico oil spill.
The Dow rose 38.54, or 0.4 percent, to 10,211.07. The Standard & Poor's 500 index rose 4.76, or 0.4 percent, to 1,091.60, while the tech-heavy Nasdaq composite index rose 24.89, or 1.1 percent, to 2,243.60. - AP
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
