April 9th, 2010
05:44 PM ET

Dow touches 11,000 as stocks finish strong

A look at highlights from the day's business news:

Stocks finish strong; Dow touches 11,000

Stocks gained Friday, with the Dow briefly topping 11,000 and the broad market ending higher for the seventh of eight weeks, as economic optimism trumped concerns about Greek debt.

The Dow Jones industrial average added 70 points, or 0.6 percent, closing at 10,997.35. The Dow got as high as 11,000.98 in the final 10 minutes of trading but ended the session just short of that.

The S&P 500 index gained 8 points, or 0.7 percent. The Nasdaq composite gained 17 points, or 0.7 percent.

Stocks drifted higher through the session as investors weighed the competing influences at the end of a choppy week on Wall Street.

Dollar falls as Greece jitters fade

The dollar softened Friday as investors regained some tolerance for risk despite ongoing concerns that Greece's debt problems could spread.

What prices are doing: The dollar was down almost 1 percent versus the euro to $1.3490 and fell 0.6 percent against the U.K. pound to $1.5373. Against the Japanese yen, the dollar slid 0.2 percent to ¥93.18.

What's moving the market: The euro regained some ground after Greek yield spreads narrowed slightly, while remaining near historic highs.

Oil prices dip below $85

Oil prices fell amid choppy trading on Friday, as investors bearish about crude demand shrugged dollar weakness and won out over bullish ones.

What prices are doing: Crude oil prices for May delivery fell 47 cents to settle at $84.92 Friday, reversing earlier gains.

After upbeat economic data last week, prices surged to as high as $86.62 on Monday, but retreated over the past four trading sessions amid fresh fears about Greek debt and a higher-than-expected build in crude inventories.

Still, prices are up about 70 percent from this time last year.

What's moving the market: Prices for crude moved higher late Thursday, after retail outlets reported a surge in March same-store sales, marking the seventh straight month of increases.

Long-term Treasurys rise

Treasurys fell Friday morning but erased losses by the end of the session, as traders remained skeptical of the developments concerning Greece's debt problems.

What prices are doing: The benchmark 10-year note rose slightly, driving the yield down to 3.89 percent. Earlier this week, prices on the 10-year note fell and investors saw a 4 percent yield - the first time the note had reached that level since October 2008, the height of the financial crisis.

Bond prices and yields move in opposite directions, so when prices drop, yields rise.

On Friday, the yield of the 30-year bond fell to 4.75 percent. The yield of the 5-year note held steady at 2.67 percent.

What's moving the market: Earlier in the session, Treasury prices were down as the market reabsorbed new supply from debt sales earlier this week. The auctions, which totaled $82 billion, drew strong demand as escalating concerns about Greece made U.S. debt an attractive buy for foreign investors.

CNNMoney.com reporters Annalyn Censky, Ben Rooney, Alexandra Twin and Chavon Sutton contributed to this report.

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soundoff (2 Responses)
  1. tekbit

    There is no Justice in this World, why would Anyone Trust what is Posted as Financial to be Truth of Fiscal Responsibility?

    April 9, 2010 at 8:34 pm | Report abuse |
  2. desert voice

    What in the world has greece to do with the dollar? Greece is an euro country, isn't she? Can some economist out there enlighten us? I always thought that the euro zone shielded the dollar fro precisely this kind of thing, except if we adopted the ameuro. But Europe wanted to go its own way, so dollar is no longer ccoupled to the euro. Perhaps, once the dust settles over Greece, it will be a time to see if it is worth, after all, to couple the two currencies.

    April 10, 2010 at 3:52 am | Report abuse |