Good Afternoon
Good Afternoon

GE profits boost industrial stocks

Strong profits at General Electric sent industrial stocks higher Friday.

General Electric Co. gained 7.1 percent, leading the 30 stocks that make up the Dow Jones industrial average. The conglomerate's earnings rose 52 percent on growth in equipment orders and lending.

The company's results helped send industrial companies in the Standard & Poor's 500 index up 1.2 percent.

The Dow rose 49.04 points, or 0.4 percent, to close at 11,871.84. Bank of America Corp. lost 2 percent, making it the weakest Dow stock.

The Standard & Poor's 500 index gained 3.09 points, or 0.2 percent, to 1,283.35.

Technology companies in the S&P 500 fell 0.3 percent, the worst of any of the 10 company groups that make up the index. Apple Inc. lost 1.8 percent and Microsoft Corp. fell 1.2 percent.

The technology-focused Nasdaq slid 14.75 points, or 0.5 percent, to 2,689.54. Chip maker Advanced Micro Devices Inc. sank 6 percent.

Bond prices rose slightly, sending their yields down to 3.41 percent from 3.43 percent late Thursday.

Rising and falling shares were about even on the New York Stock Exchange. Volume came to 1.3 billion shares.- AP

More news