Four-day gain is best streak since November
Written on March 14, 2009
NEW YORK — A sharp rebound in bank shares and easing worries about the economy this week pushed stocks to their best performance since late November.
On Friday, the Dow Jones industrial average closed Friday at 7,223.98 after gaining 53.92, or 0.8 percent, on the day. It was the fourth straight day of gains for the Dow, a first since late November. For the week, the Dow jumped 9 percent.
The Standard & Poor’s 500 index on Friday rose 5.81, or 0.8 percent, to 756.55, and finished the week up 10.7 percent.
The Nasdaq composite index rose 5.40, or 0.4 percent, to 1,431.50, up 10.6 percent for the week.
Despite the week’s gains, the Dow and the S&P 500 index remain down by about half from their peak in October 2007.
The turnaround began Tuesday as the head of Citigroup Inc. said the bank had managed to turn a profit in the first two months of the year. A government report on retail sales for February that wasn’t as bad as many analysts had feared also helped lift investor spirits no credit check payday loans.
Stocks that moved substantially or traded heavily Friday included:
•Sunoco Inc., down $1.23 at $27.88: The gas and chemical company said it is cutting costs by more than $300 million this year by reducing its salaried work force.
•Harbin Electric Inc., up 40 cents at $5.63: The Chinese-based manufacturer of electric motors said fourth-quarter profit rose 45 percent on increased sales.
•Shuffle Master Inc., up 23 cents at $2.80: The gaming equipment supplier’s first-quarter results missed Wall Street’s expectations. The company reported a loss of 2 cents per share.
•Whole Foods Market Inc., up 27 cents at $14.38: Standard & Poor’s Equity Research upgraded the grocer’s shares, saying its balance sheet is stabilizing.
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