Stocks end week on four-day winning streak
Traders work on the floor of the New York Stock Exchange on Thursday. (June 7, 2012) Credit: AP
Stocks rose for the fourth consecutive day on Friday, capping their best week so far this year.
It was a relief for investors after the big drops of the previous week.
Stocks fell in morning trading, with the Dow Jones industrial average down almost 63 points.
But they turned around after the government said businesses are restocking their shelves faster than analysts had expected.
The Commerce Department said U.S. wholesale stockpiles grew 0.6 percent in April. That's twice as fast as they grew in March and a sign that businesses are ordering enough goods to lead to increased factory production and sales. Investors had been braced for more sluggish growth.
The Dow finished 93.24 points higher to close at 12,554.20. It ended the week up almost 3.6 percent.
The Standard & Poor's 500 index rose 0.81 percent, to close at 1,325.66. The Nasdaq composite rose 0.97 percent, to close at 2,858.42.
Facebook Inc. rose 79 cents, or 3 percent, to $27.10 after announcing an "app center" that will recommend new add-on software for users. -- AP
Out East Show: LI Aquarium, Patty's Berries and Bunches, Palmer Vineyards NewsdayTV's Doug Geed shows us some great spots 'Out East' to visit this summer.
Out East Show: LI Aquarium, Patty's Berries and Bunches, Palmer Vineyards NewsdayTV's Doug Geed shows us some great spots 'Out East' to visit this summer.
