Stocks end week on a high
The Congress Of Racial Equality on Friday marked the 25th anniversary of the Martin Luther King Jr. holiday at the opening bell.
January 14th, 2011
10:02 PM ET

Stocks end week on a high

U.S. stocks ended moderately higher Friday, as investors shrugged off lackluster economic data and shifted focus to next week's avalanche of corporate reports.

The Dow Jones industrial average added 0.5%, while the S&P 500 and Nasdaq each gained more than 0.7%.

The Dow and the S&P posted their seventh straight week of gains. That's the longest streak for the Dow since the two months of consecutive gains that ended in April 2010.

"The market's moves are extraordinary, considering this morning's economic reports were not great," said Keith Springer, head of Springer Financial Advisors.

Bank of America and American Express - each of which release earnings next week - led the Dow in percentage increases after a strong earnings report from JPMorgan Chase. Intel was one of the biggest losers despite strong  earnings.

Banks including Citigroup and Wells Fargo are on tap to release earnings next week. Several technology companies - including Apple, Google and IBM -  will also report.

"JPMorgan is a precursor to stellar earnings next week, and that's what's really driving markets now," Springer added.

Stocks are overbought and the market is due for a correction, Springer said. But rather than moving sharply lower, the market is "resting" by merely moving sideways.

Those daily pullbacks are actually good signs that the market is keeping itself in check. Stocks ended lower Thursday in a quiet session.

– reporter Julianne Pepitone contributed to this report.

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Filed under: Business • Economy
soundoff (25 Responses)
  1. chrissy

    sees no evil – normally i would agree but most ppl today cant afford a down pmt on nuthin and can barely afford the rent on a grocery cart @ aldis

    January 16, 2011 at 3:50 pm | Report abuse |
  2. Cesar

    James Earl Ray burns in hell.

    January 16, 2011 at 6:45 pm | Report abuse |
    • Daniel

      How do you know that James Earl Ray killed Martin Luther King? I have my doubts over that. I guess that we'll never know for sure.

      January 16, 2011 at 8:00 pm | Report abuse |
  3. Porkbellies

    what the puck does mlk or j earl ray have to do with this blog? You a$$hols need to stop smoking that 20/20 $h!t.

    January 16, 2011 at 8:13 pm | Report abuse |
  4. waldo

    Hay porkbellies do you work or bum around and what kind of music do u like.

    January 16, 2011 at 8:59 pm | Report abuse |
  5. Porkbellies

    I make horrendous investments,Zeppelin,& greenhouse my own!

    January 16, 2011 at 9:19 pm | Report abuse |
  6. waldo

    ***oh porkbellies that's good now I understand ur nickname*porkbellies food investment u never lose because people have to eat.

    January 16, 2011 at 9:43 pm | Report abuse |
  7. Porkbellies

    Heading out for visine and cheetos

    January 16, 2011 at 10:02 pm | Report abuse |
  8. waldo

    ***ok porkbellies don't 4get your drink

    January 16, 2011 at 11:16 pm | Report abuse |
  9. chrissy

    anyone wantin to know what a horses patoot is need look no further. . he goes by the name america lst

    January 17, 2011 at 4:10 am | Report abuse |
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