New Greece woes temper Dow's end to week
Traders work on the floor at the New York Stock Exchange in Manhattan. (March 6, 2012) Credit: AP
Stocks closed modestly higher Friday after the government's monthly report on employment bolstered hopes that the economic recovery is on track. The gains were tempered by news that a big debt write-down by Greece could cause big losses for banks.
Three years after stocks hit bottom during the Great Recession, the Dow Jones industrial average rose 14 points and finished the week with a loss of 56. That was after a 203-point dive Tuesday, the worst drop this year.
The Dow was up more than 60 points Friday morning but lost ground in the afternoon after a report said Greece's bond-swap deal will trigger payouts on bond insurance.
The Dow finished up 14.08 points, or 0.11 percent, at 12,922.02. The Standard & Poor's 500 gained 4.96, or 0.36 percent, to 1,370.87. The Nasdaq composite average gained 17.92, or 0.6 percent, to 2,988.34.
The Dow has nearly doubled in the three years since its bottom during the financial crisis. On March 9, 2009, it closed at 6,547. The S&P 500 closed that day at 676.
The morning's gains were driven by news that employers added 227,000 jobs last month.
Later Friday, the International Swaps and Derivatives Association said holders of credit default swaps on their Greek bonds will be able to claim insurance payments. Traders fear big losses for banks that sold the insurance.-- AP
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
