Stocks once again struggled to pick a direction today, as Wall Street weighed encouraging headlines in the equities market against uninspiring domestic data. Among the stocks in focus, a stronger-than-expected earnings showing from Google (GOOG) initially tipped the scales in the bulls' favor, as did buyout buzz surrounding both Clorox (CLX) and Petrohawk Energy (HK). However, the combination of another threat to Uncle Sam's credit rating -- this time courtesy of Standard & Poor's -- stagnation on the debt-ceiling front, and a sharp drop in consumer sentiment kept stocks' upward momentum in check. Nevertheless, the bulls ultimately prevailed, with all three major market indexes settling higher for the session, but lower for the week.
With help from a late-session rebound, the Dow Jones Industrial Average (DJIA – 12,479.73) finished with a gain of 42.6 points, or 0.3%. Exactly half of its 30 components ended higher, with Caterpillar (CAT) pacing the advancers with a 1.7% lead. Meanwhile, Merck (MRK) led the 13 laggards with a 1.1% drop, while both Kraft Foods (KFT) and Wal-Mart Stores (WMT) finished flat. For the week, the blue-chip barometer gave up 1.4%.
Likewise, the S&P 500 Index (SPX – 1,316.14) also reclaimed some ground in the final hour of trading, advancing 7.3 points, or 0.6%, by the close. For the week, the broad-market barometer gave up almost 2.1%, but maintained a perch atop its 10-week moving average. Finally, the Nasdaq Composite (COMP – 2,789.80) fared the best of the three, gaining 27.1 points, or about 1%, to end near a session high. On the other hand, the tech-rich COMP suffered the worst week of its peers, surrendering 2.4%.
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