Markets Close with Small Gains
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Hemera/Thinkstock(NEW YORK) — Stocks swung between positive and negative territory Friday before calling it a week just barely in the plus column.
The Dow closed at 12,815.39, up four points. The blue chip index lost 2.1 percent on the week, its largest weekly slide since June, according to the Wall Street Journal. The Nasdaq completed its fifth week of losses, but added nine points Friday to close at 2,904.87. The S&P 500 gained two points at 1,379.85.
Talk of compromise over a budget deal that would keep the U.S. economy from falling off the fiscal cliff of tax hikes and government spending cuts encouraged investors. Still, analysts say they’ll remain skittish until a deal is firmly in place.
Meanwhile, a jump in sales prompted wholesale businesses to increase stockpiles at a faster pace in September. The Commerce Department says they grew just over one percent as sales at the wholesale level jumped two percent, the largest gain in 18 months.
The increase could mean the economy grew at a faster rate in the July-September quarter than first estimated.
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