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Archive for Saturday, May 17, 2008

Markets record weekly gains

May 17, 2008

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U.S. stocks closed mostly lower Friday, with a slide in consumer confidence and surging crude oil prices fueling worries about the economy, but with losses remaining shallow as energy and commodity stocks provided support to the broad market.

The Dow Jones Industrial Average declined 5.86 points to end at 12,986.8, giving it a 1.9 percent weekly gain. Crude futures rallied to a fresh high of $127.82 a barrel Friday, before retreating a bit to close at $126.29 a barrel - up $2.17.

Fueled by the energy and materials sector, the S&P 500 gained 1.78 points, or 0.1 percent, to 1,425.35, giving the index a 2.7 percent advance from a week earlier.

After four consecutive days of gains, the technology-heavy Nasdaq Composite dropped 4.88 points, or 0.2 percent, to 2,528.85 - recording a gain of 3.4 percent for the week.

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