Dow average turns positive for 2011
NEW YORK - Stronger retail sales and surging profits from Google Inc. sent stocks higher Friday. The Dow Jones industrial average turned positive for the year and the S&P 500 had its best week in more than two years.
NEW YORK - Stronger retail sales and surging profits from Google Inc. sent stocks higher Friday. The Dow Jones industrial average turned positive for the year and the S&P 500 had its best week in more than two years.
The government said retail sales rose 1.1 percent in September, the best gain in seven months and double economists' projections. Retail sales are a key gauge of consumer spending, which helps drive economic growth. The report added to a growing body of evidence that another recession isn't as likely as many feared.
The Dow rose 166.36 points, or 1.5 percent, to close at 11,644.49. The average has shot up 9.3 percent after sinking to 10,655 on Oct. 3, its lowest level of the year.
The Standard & Poor's 500 rose 20.92, or 1.7 percent, to 1,224.58. The index gained 6 percent this week, its best since July 2009.
The dollar and U.S. Treasury prices fell as investors moved money into assets that perform better when the economy picks up. The yield on the 10-year Treasury note rose to 2.25 percent, the highest level since August.
Oil and other commodities rose sharply, and energy stocks jumped.
Google shot up 5.8 percent after reporting that its quarterly income jumped 26 percent. It helped the Nasdaq gain 7.6 percent this week, the most since July 2009. The Nasdaq rose 47.61 points Friday, or 1.8 percent, to 2,667.85.
Five stocks rose for every one that fell on the New York Stock Exchange. Trading volume was below average, 3.7 billion shares.