Earnings Reports Help Dow and S&P Close with Gains
(NEW YORK) — A rough few days for the equities markets ended with a rally Friday — good enough for two of the three major indexes to post weekly gains.
The Dow closed up 65 points, while the S&P picked up 1.5 points. The Nasdaq was down seven points at Friday’s close.
The mood on Wall Street was boosted by stronger than expected profits for big U.S. companies like Microsoft and McDonald’s. A break in the bad news from Europe didn’t hurt either, with banks making headway bringing markets higher.
Apple stock, however, took a big tumble. The tech monster, which makes up 12 percent of the Nasdaq and seemed invincible for so long is now in that region that Wall Street calls a “correction.” It fell 2.5 percent Friday, to finish near $573 a share. It’s now down more than 10 percent from its peak just 10 days ago. Apple is scheduled to post its quarterly earnings next Tuesday.
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