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Markets post gains Friday

Feb. 8, 2013 at 5:27 PM   |   Comments

NEW YORK, Feb. 8 (UPI) -- U.S. stock indexes climbed Friday, but the Dow Jones industrial average fell short of its starting point for the week, ending a winning streak at four weeks.

The Nasdaq and Standard & Poor's 500 indexes came out ahead for the week and both reached milestones. The Nasdaq index closed at a 12-year high, while the S&P 500 reached a five-year high and closed with gains for six consecutive weeks.

The indexes got a boost from the U.S. Commerce Department report on the trade deficit, which shrank $19.5 billion from 2011 to 2012.

The annual decline was pushed by a surprising trading gap of $38.5 billion in December from $48.6 billion in November. Economists had expected a drop, but only to $46 billion.

Trading was exceptionally light with 2.9 billion shares trading hands as New York braced for a winter storm and many brokers headed for home early.

By close of trading Friday, the DJIA added 48.92 points or 0.35 percent to 13,992.97. The Dow needs to top 14,009.79 to go ahead for the week.

The Nasdaq composite index added 28.74 points or 0.91 percent to 3,193.87. The Standard & Poor's 500 gained 8.54 points or 0.57 percent to 1,517.93.

On the New York Stock Exchange, 2,035 stocks advanced and 979 declined on a volume of 2.9 billion shares traded.

The 10-year treasury note rose 2/32 to yield 1.95 percent.

Against the dollar, the euro fell to $1.3365 from Thursday's $1.3397. The dollar fell to 92.69 yen from 93.63 yen.

In Tokyo, the Nikkei 225 index dropped 203.91 points, 1.8 percent, to 11,153.16.

In London, the FTSE 100 index rose 0.57 percent, 35.51 points, to 6,263.93.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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