Stocks End Higher; Post Gains for the Week
3/1/2013 5:48:11 PM
Stocks rose in trading on Friday as some robust U.S. economic data lifted sentiment. All three major indexes also posted gains for the week despite the huge sell-off at the start of the week.
The Dow Jones ended the day 0.25% higher at 14,089.66, the S&P 500 ended the day 0.23% higher at 1,518.20, and the Nasdaq ended the day 0.30% higher at 3,169.74. For the week, the Dow Jones rose 0.64%, the S&P 500 rose 0.17%, and the Nasdaq rose 0.25%.
Healthcare sector led the gains in the S&P 500 in trading on Friday, ending the day 0.53% higher. Services sector also rose sharply on Friday, ending the day 0.46% higher. Transportation sector ended the day 0.23% higher. Basic Materials sector was the worst performer in the S&P 500 today, ending the day 0.70% lower. The sector fell following weak Chinese manufacturing data. Energy sector ended the day 0.25% lower.
Stocks turned positive in trading on Friday after investors digested better than expected manufacturing and consumer sentiment data. The Institute for Supply Management’s index of manufacturing activity rose to 54.2 in February, beating forecasts of a reading of 52.5. Meanwhile, the final reading on the Thomson Reuters/University of Michigan’s consumer sentiment index for the month of February came in at 77.6. Economists were expecting a reading of 76.3.
A report from the Commerce Department showed that construction spending fell 2.1% in January to a seasonally adjusted annual rate of $883.28 billion. A separate report showed that personal income fell more than forecast in January.
Among the major movers in trading today were Salesforce.com Inc. (NYSE: CRM), which ended the day 7.55% higher at $182, Groupon Inc. (NASDAQ: GRPN), which ended the day 12.58% higher at $5.10, and Best Buy Co. Inc. (NYSE: BBY), which ended the day 4.57% higher at $17.16.