Stocks end the week holding their big gain

The Associated PressJuly 18, 2009 

— Investors are betting that the stock market has restarted its spring rally.

Stocks ended little changed Friday but held onto an enormous gain for the week. Investors are looking to more corporate earnings reports next week to provide more signs that the economy is healing.

The Dow Jones industrials and the Standard & Poor's 500 index posted their best weekly performance since early March, when the spring rally began. Major stock indexes rose about 7 percent for the week.

Solid results from Goldman Sachs and Intel spurred buying early in the week. But not all the results Friday were strong, so the market barely budged.

Bank of America and Citigroup became the latest banks to report big profits but also weakness in their loan portfolios. General Electric beat earnings forecasts, but its revenue came up short.

"The important thing is these earnings results, while not all entirely positive, are beginning to show some signs of stabilization," said Tom Kersting, an analyst at Edward Jones.

The week's upward move has, at least for now, halted a slide that began in mid-June as investors worried the 40 percent jump in stocks this spring was overdone.

Next week's large batch of reports includes Dow components Caterpillar Inc., DuPont and Merck & Co.

The Dow Jones industrials rose 32.12, or 0.4 percent, to 8,743.94. The blue chips rose 7.3 percent for the week, the first weekly gain after a month of losses. It was the best percentage gain since the week ended March 13 and the 597-point jump was the biggest point gain since late November.

On Friday, the broader Standard & Poor's 500 index slipped 0.36, or less than 0.1 percent, to 940.38, while the Nasdaq composite index rose 1.58, or 0.1 percent, to 1,886.61.

Overseas, Britain's FTSE 100 gained 0.6 percent, Germany's DAX index rose 0.4 percent, and France's CAC-40 added 0.6 percent. Japan's Nikkei stock average rose 0.6 percent.

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service