Wall street - October 17, 2005
October 17, 2005
New York - Stocks rallied on Friday as a report on consumer prices relieved investor worries about inflation and as strong earnings from General Electric (GE) lifted optimism about corporate health.
GE, which is considered a barometer of the US economy's strength, reported a profit jump that matched analysts' estimates. Its shares rose 1 percent.
The labour department said inflation excluding food and energy costs was up just 0.1 percent, which Bill Sutherland, a researcher at Boenning & Scattergood, said boded well for the market.
The Dow Jones industrial average ended the day 70.75 points higher at 10 287.34. The Standard & Poor's 500 index gained 9.73 points to 1186.57 and the Nasdaq composite added 17.61 points to 2064.83. For the week, the indices fell 0.04 percent, 0.78 percent and 1.22 percent, respectively.
"This is a two-steps-forward, two-steps-backward kind of market," said Michael Vogelzang, the president of Boston Advisors.
- Reuters
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