Stocks rise on hopeful signs for the US economy
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Source: Stock Market News
Originally published: May 17, 2013 - 1:06 pm
Originally published: May 17, 2013 - 1:06 pm
FILE - In this Thursday, May 2, 2013, file photo, Trader Kevin Lodewick works on the floor of the New York Stock Exchange. World stock markets were mixed Friday May 17, 2013 as investors digested a slew of disappointing data from the U.S. ahead of the release of a key measurement of the country's economic outlook. (AP Photo/Richard Drew)
NEW YORK (AP) - Encouraging news about the U.S. economy is extending the stock market's rally.
U.S. stock indexes rose for the fourth week in a row and are at record levels.
A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence.
The Dow Jones industrial average rose 121 points to close at 15,354 Friday, an increase of 0.8 percent.
The Standard & Poor's 500 rose 12 points to 1,662, or 0.7 percent.
The Nasdaq composite rose 33 points to 3,499, or 1 percent.
Defense contractor Northrop Grumman rose 4 percent after announcing a big stock buyback.
Two stocks rose for every one that fell on the New York Stock Exchange. Volume was lighter than usual at 3 billion shares.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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