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Archive for Saturday, December 1, 2001

Wall Street finishes higher at end of mixed week

December 1, 2001

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— Investors bid stocks mostly higher Friday, overcoming their disappointment over two weak economic readings and focusing once more on hopes for 2002. Technology dipped on profit-taking.

Prices fell broadly early in the session, in part because of a revised reading on the nation's gross domestic product in the third quarter. The Commerce Department said the economy contracted at an annual rate of 1.1 percent.

Investors initially were struck by a fall in the Purchasing Management Association of Chicago index of business activity, which fell to 41.1 in November from 46.2 in October.

"We're able to shrug it off. I think the trend of economic data have been positive, and so individual pieces aren't toppling over the apple cart," said Arthur Hogan, chief market analyst for Jefferies & Co. "The momentum seems to be to buy stocks."

The Dow Jones industrial average closed up 22.14, or 0.2 percent, at 9,851.56. The Dow is 19.6 percent above its low of 8,235.81, where it closed Sept. 21 following the terror attacks.

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