MARKET SUMMARY: Friday, March 26, 2010
Stocks spent the first half of the day trading higher, but retraced the early gains and by midday were even. An upbeat report on consumer confidence helped drive the early strength as the University of Michigan/Reuters index came in higher than expected for March. Also, the International Monetary Fund (IMF) struck a deal with euro zone leaders to bail out floundering member country Greece. However, the sell-off was sparked when a South Korean Navy ship sank in the Yellow Sea following what many feared was a torpedo launch by North Korea.
The Dow Jones Industrial Average (DJIA – 10,850.36) closed with a gain of 9.2 points, or 0.08%. The Dow added 1% for the week, recording its highest weekly close since Sept. 26, 2008.
The S&P 500 Index (SPX – 1,166.59) also inched higher, gaining 0.9 point, or 0.07%. The SPX managed a weekly close above its key 160-month moving average for the first time since September 2008. Finally, the Nasdaq Composite (COMP – 2,395.13) settled for a drop of 2.3 points, or 0.1%. Nevertheless, the COMP managed its highest weekly close since Aug. 22, 2008. For the week, the SPX added 0.6%, while the COMP added 0.9%.
