Business News
US stocks end strong week on a high note
Nov 13, 2009, 21:42 GMT
New York - US stocks rose on Friday, capping their second straight weekly gain after positive earnings reports from retailers.
Shares were led higher by entertainment conglomerate Disney, which posted an 18-per-cent rise in fourth-quarter profit to 895 million dollars amid strong performances at its ESPN sports network and other cable channels.
Retailers Abercrombie & Fitch and JC Penney also posted better- than-expected profits, which bodes well ahead of the upcoming holiday shopping season.
The blue-chip Dow gained 73 points, or 0.72 per cent, to 10,270.47. The broader Standard and Poor's 500 Index added 6.24 points, or 0.57 per cent, to 1,093.48. The technology-heavy Nasdaq Composite Index was up 18.86 points, or 0.88 per cent, to 2,167.88.
All major indices posted big gains for the week, the Dow rising 2.46 per cent, the S&P 500 2.26 per cent and the Nasdaq 2.62 per cent.
But the dollar fell against most major currencies, dropping against the euro to 67.10 euro cents from 67.36 euro cents on Thursday. The dollar declined against the Japanese currency to 89.66 yen from 90.35 yen.
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