Market sees best week in three months
The stock market ended a strong week with modest gains after investors found good news in the Federal Reserve's decision to begin dismantling emergency lending measures for banks.
The Dow Jones industrial average rose for a fourth day Friday, edging up 9 points to record its best week in more than three months.
Stocks initially fell in response to the Fed's announcement late Thursday that it is raising the rate it charges banks for emergency loans. Stocks turned higher in late-morning trading as investors saw the Fed's move as a vote of confidence that the financial system was recovering and that banks didn't need as much support.
A tame report on consumer prices brought reassurance that the Fed would be able to hold down more important rates for consumers and business loans.
On Friday, the Dow rose 9.45 points, or 0.1 percent, to 10,402.35, its highest finish in a month. The Dow is now down only 0.25 percent for the year. The broader Standard & Poor's 500 index rose 2.42, or 0.2 percent, to 1,109.17, while the Nasdaq composite index rose 2.16, or 0.1 percent, to 2,243.87.
- 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.
