Just so the old thread doesn't go completely dormant today,
NEW YORK (Reuters) - Stocks edged up on Friday on several new rounds of data that fed optimism about the U.S. economy's turnaround, closing out the second consecutive week of gains for the broad stock market.
For 2001, though, with just one trading day left, stocks are due to post their second straight down year for the first time since 1973-1974.
On Friday, the Nasdaq composite (.IXIC) rose 10.85 points, or 0.55 percent, to 1,987.27, according to the latest data, while the benchmark Standard & Poor's 500 index (.SPX) added 3.89 points, or 0.34 percent, to 1,161.02. The blue-chip Dow Jones Industrial average (.DJIA) gained 5.68 points, or 0.06 percent, to 10,136.99.
For the week, the Dow rose 1 percent, the Nasdaq added 2.1 percent and the S&P 500 gained 1.4 percent. Year to date, the Dow has dropped 6 percent, the Nasdaq is down 19.6 percent and the S&P 500 has given up more than 12 percent.
Early in the day, separate reports showed the hammered-down manufacturing sector may be on the rebound, consumer confidence has improved and first-time jobless claims rose less than expected -- all positive signs for the economy.
``It's just more evidence that we have an economy that's likely to turn up sooner rather than later,'' said James Luke, portfolio manager for BB&T Asset Management, which oversees $8 billion in Raleigh, North Carolina. ``I wouldn't be surprised to see the economy turning by the first quarter, and actually, that's what the market has been telling us.''
Among the reports, the Conference Board's closely watched consumer confidence index rose for the first time in six months in December, surging to 93.7, and November's reading was revised up to 84.9 from a seven-year low of 82.2.
Yahoo! Inc. (NasdaqNM:YHOO - news), which earlier this week reported strong holiday shopping growth at its online vendors, rose 53 cents, or nearly 3 percent, to $18.30. Merrill Lynch raised its fourth-quarter estimate on the Web browsing service, saying its ad revenue will be up 5 percent from the third quarter. Merrill Lynch cited benefits from the launch of a paid-search deal with Overture Services Inc. (NasdaqNM:OVER - news). Overture rose $2.095, or 6.06 percent, to $36.66. |
