Markets close higher for the week

July 27, 2012 at 6:20 PM
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NEW YORK, July 27 (UPI) -- U.S. stock indexes ended the week higher with the government reporting better than expected figures for the nation's gross domestic product.

Stocks found support from optimism in Asian and European markets, which headed higher for a second consecutive day following the European Central Bank president's pledge to support the euro.

The Bureau of Economic Analysis Friday said the U.S. GDP rose 1.5 percent in the second quarter compared to the first, slightly better than the consensus forecast of 1.3 percent.

The agency also revised its first quarter estimate higher, estimating growth from January through March at 2 percent.

By close of trading on Wall Street, the Dow Jones industrial average, which started the week at 12,822.57, added 187.73 points -- 1.46 percent -- to 13,075.66. The Standard and Poor's 500 index, at 1,362.66 points Monday morning, added 25.95 points (1.91 percent) to 1,385.97. Tech-heavy Nasdaq composite index gained 64.84 points (2.24 percent) to 2,958.09, after starting the week at 2,925.30.

On the New York Stock Exchange, 2,552 stocks advanced and 505 declined on a volume of 4.1 billion shares traded Friday.

The benchmark 10-year treasury note fell 31/32 to yield 1.55 percent.

The euro rose to $1.2322 from Thursday's $1.2283. Against the yen, the dollar rose to 78.46 yen from 78.22 yen.

In Tokyo, the Nikkei 225 index rose 1.46 percent, 123.54, to 8,566.64.

In London, the FTSE 100 index added 0.97 percent, 54.05, to 5,627.21.

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