Stocks ended higher Friday despite the day’s reputation for the scary and spooky as diplomatic efforts continued to contain the crisis in Syria.
The Dow Jones industrial average closed up 75.42 points, 0.5%, to 15,376.06. The 30-stock benchmark index rose 3% for the week, its best weekly performance since January. Next week, the Dow’s components change with Nike, Visa and Goldman Sachs replacing Bank of America, Alcoa and Hewlett-Packard.
The Standard Poor’s 500 index finished up 4.57 points, 0.3%, to 1,687.99 and 2% for the week — its best 5-session performance in two months. And the tech-laden Nasdaq composite index gained 6.22 points, 0.2%, to close at 3,722.18.
All three indexes got a boost Friday from chipmaker Intel, whose shares ended up 3.6% after a key research analyst boosted his rating and price target.
THURSDAY: Stocks end lower as Syria fears reemerge
Optimism that a U.S. military strike against Syria can be avoided sent oil prices lower and persuaded some investors to leave the safe haven of government bonds and gold.
The yield on the bellwether 10-year Treasury ended at 2.89%, down from 2.9% Thursday. The price of crude oil fell 6 cents to end the week at $108.53 in futures contract trading on the New York Mercantile Exchange. The price of gold fell for the second straight day, down $7, 0.5%, to end at $1,324 per ounce in futures trading.
SUMMERS: Obama team denies he’s a lock for Fed
The White House denied a report in the Japanese newspaper Nikkei, which said that President Obama is set to name former Treasury Secretary Lawrence Summers as the next chairman of the Federal Reserve. The Nikkei cited unnamed sources for its report.
In global markets, the Nikkei 225 index in Toky ended up 17.40 points, 0.1%, to 14,404.67. Hong Kong’s Hang Seng index fell 38.44 points, 0.2%, to 22,915.28, and Singapore’s Straits Times index closed down less than a point to 3,120.30.
In Europe, London’s FTSE 100 index closed down 8.47 points, 0.1% to 6,580.51. Frankfurt’s DAX 30 index finished up 15.42 points, 0.2%, to 8,509.42, and the CAC 40 index in Paris ended up 7.87 points, 0.2%, to 4,114.50.
Stocks end higher on Friday the 13th
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