Markets post best two weeks since November
NEW YORK - Here's something for investors beaten down by the market's sharp declines this spring: The Dow Jones industrial average just had its best two weeks since November.
NEW YORK - Here's something for investors beaten down by the market's sharp declines this spring: The Dow Jones industrial average just had its best two weeks since November.
The Dow's gain of 16 points Friday was relatively modest, but it capped a surge of 5.2 percent over the last two weeks that puts the average nearly halfway back to the high for the year that it reached in late April.
Minerals companies led other shares higher Friday after gold settled at a record high. Barrick Gold Corp. jumped 3.5 percent, while Newmont Mining Corp. rose 2.6 percent.
Corporate news also brought out buyers. CVS Caremark rose 1.9 percent and Walgreen Co. rose 2.8 percent after the two companies settled a dispute over pharmacy prescriptions that had threatened to hurt profits. Dow component Caterpillar Inc. gained 1.4 percent after reporting sharply higher sales.
The Dow rose 16.47, or 0.2 percent, to close at 10,450.64. The broader Standard & Poor's 500 index rose 1.47, or 0.1 percent, to 1,117.51. The Nasdaq composite index edged up 2.64, or 0.1 percent, to 2,309.80.
All three indicators posted solid gains for the week.
The Dow posted its second consecutive weekly gain of more than 2 percent. Before that, the Dow had been down for three weeks. The last time the Dow had a two-week stretch of gains that strong was in November 2009.
Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where volume came to 1.8 billion shares compared with 1.2 billion the day before. Volume was heavier because of the simultaneous expiration of four kinds of futures and options contracts, which takes place once every quarter.
Bond prices slipped, pushing interest rates higher.
The dollar edged lower against the British pound and Japanese yen, while the euro edged down vs. the dollar. The euro has regained strength over the last week amid encouraging signs in Europe's efforts to control its debt crisis. Spain had successful bond sales this week, and European leaders pledged to disclose the results of stress tests on banks.
Crude oil rose 39 cents to settle at $77.18 per barrel on the New York Mercantile Exchange.
The coming week brings readings on home sales and consumer sentiment. The Federal Reserve also will meet on interest rates.