Microsoft Shares Give Dow a Boost
(NEW YORK) — Stocks moved higher to end the trading week Friday.
The Dow Jones Industrial Average closed up 59 points at 16,323.06. The Nasdaq Composite rose 5 points to finish the session at 4,155.76. The S&P 500 added 9 points for the day, ending the day at 1,857.62.
Investors were encouraged by the latest consumer spending numbers, which rose last month.
Microsoft helped technology companies recover from a week of losses. The company’s stock was the biggest gainer for the day in the Dow, rising 2 percent to $40.25 a share. The company announced Thursday that it was bringing its Office software to the iPad, and is shifting its focus away from Windows.
Meanwhile, Blackberry’s latest earnings fell short of expectations. The company, which once dominated the smart phone market, is now in the process of becoming a software business.
King Digital Entertainment sank 5 percent to $17.66 on Friday. The stock is now 22 percent lower than Wednesday’s IPO. King is the maker of the popular Candy Crush Saga game.
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