US stock market ready to close week with gains
The stock market looked ready to finish off a turbulent week with solid gains. Major U.S. indexes mostly rose in early trading Friday.
KEEPING SCORE: The Standard & Poor's 500 index rose five points, or 0.3 percent, to 1,877 in the first half-hour of trading Friday. The Dow Jones industrial average rose 53 points, or 0.3 percent, to 16,383. The Nasdaq composite slipped two points, less than 0.1 percent, to 4,317.
COMING BACK: A week ago, the S&P 500 index turned in a 1.9 percent weekly loss, its worst slump in nearly two months. This week looks entirely different, with the S&P 500 on track to gain 2.2 percent, as concerns have eased over China's slower economic growth.
The only stumble came Wednesday, when the Federal Reserve said it could start raising short-term interest rates as soon as next year. Traders drove down prices for gold, government bonds and stocks.
GOLDEN GATE'S TOUCH: News that Golden Gate Capital has acquired a stake in Ann Inc. shot the retailer's stock up $5.46, or 15 percent, to $42.68. The private equity firm disclosed the 9.5 percent stake in the parent company of Ann Taylor and LOFT late Thursday.
SWOOSH: Nike fell after warning that a stronger U.S. dollar will dampen its results this quarter. Strong demand for its shoes and apparel ahead of the World Cup in June helped its beat expectations in the previous quarter, the company said late Thursday. Nike's stock lost $2.67, or 3 percent, to $76.61.
BOOTED: Symantec slumped $2.65, or 13 percent, to $18.25 after the maker of security software abruptly fired its CEO late Thursday. It was the second time in less than two years that the company has dismissed its chief executive.
OVERSEAS MARKETS: European indexes mostly rose. Germany's DAX rose 0.2 percent and Britain's FTSE 100 rose 0.1 percent. In Asia, Hong Kong's Hang Seng gained 1.2 percent. China's Shanghai Composite Index rose 2.7 percent. Japanese markets were closed for a holiday.
TREASURYS AND COMMODITIES: Prices for U.S. government bonds were little changed. The yield on the 10-year government was 2.77 percent. The price of crude oil rose 44 cents to $99.34 a barrel. Gold gained $8.10 to $1,338.60 an ounce.
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