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Stocks end the week with modest rally

A trader works on the floor of the

A trader works on the floor of the New York Stock Exchange on Wall Street on Friday, May 13, 2016. Credit: Bloomberg News / Michael Nagle

Stocks rose on Friday in a modest but broad rally that erasedsome of the losses from earlier in the week when investors had sold over fears of rising interest rates.

ON WALL STREET: At the close, the Dow Jones industrial average was up 65.5 points, about 0.4 percent, at 17,500.9. The Standard & Poor’s 500 index rose 12.3 points, about 0.6 percent, to 2,052.3. The Nasdaq composite climbed 57 points, about 1.2 percent, to 4,769.6.

OIL PRICES: As markets closed, the benchmark U.S. oil was down 18 cents at $48.49 a barrel on the New York Mercantile Exchange. In London, the international pricing standard, Brent crude, was off 5 cents at $48.76 a barrel.

GAINERS: Health care and technology stocks rose the most, helping to nudge the S&P 500 index back to slight gains for the week and year. Nine of the index’s 10 sectors closed higher.

Stocks rose from the start of trading, following sizable gains in Europe. Among the winners, Intel climbed nearly 2 percent and Pfizer closed up 1.1 percent.

INVESTORS SPOOKED: Investors were spooked earlier in the week when the Federal Reserve released minutes of its latest meeting that suggested it may raise rates in June, something the market had not expected.

Investors scrambled to readjust portfolios, selling oil and copper, U.S. Treasury bonds and stocks of steady dividend payers like utilities that tend to fall when rates rise.

But, on Friday a measure of calm returned. U.S. bonds barely moved, commodities ended mixed and utilities rose, albeit just 0.2 percent.

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