Stocks climb Friday despite negative economic reports

Nov. 15, 2013 at 5:01 PM
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NEW YORK, Nov. 15 (UPI) -- Stocks closed higher on Wall Street Friday with investors unfazed by negative economic reports.

Investors are riding the momentum built into the Federal Reserve's accommodating monetary policies. Despite a New York Federal Reserve report that said manufacturing in the Empire State is slipping into contraction and stagnant industrial output, investors pushed the Dow Jones industrial average and the Standard & Poor's 500 to record highs.

"There's just not a compelling reason to get out of equities right now, and there doesn't appear to be any between now and the end of the year," Gordon Charlop, a floor-trading director at Rosenblatt Securities Inc., told The Wall Street Journal.

"The guys that are selling are guys that are looking back at stocks and saying, 'this one's overvalued,' but then rotating that money into other stocks," he said.

The Dow hit a high for the year, adding 85.48 points, 0.54 percent, to 15,961.70.

The Standard & Poor's 500 index added 7.56 points, or 0.42 percent, to 1,798.18.

The Nasdaq closed at 3,985.97, gaining 13.23 points, or 0.33 percent.

On the New York Stock Exchange, 2,010 stocks advanced and 1,044 declined on volume of 3.2 billion shares traded.

In Japan, the Nikkei 225 index added 289.51 points, or 1.95 percent, to 14,165.92.

In London, the FTSE 100 added 27.31 points, or 0.41 percent, to close at 6,693.44.

On currency markets, the euro traded lower at $1.3498 and the dollar rose to 100.22 yen.

The price for a barrel of crude oil shed 6 cents to reach $93.70 on the New York Mercantile Exchange.

On the Comex division of the New York Mercantile Exchange, the price of gold added $2.70 to hit $1,289 an ounce. Silver added 5.8 cents to hit $20.78.

Ten-year benchmark treasuries yielded 2.702 percent at the close of trading.

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