By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose on Friday, recovering
some of the previous session's broad losses but were set to end the
week mostly lower.
The Dow Jones Industrial Average (DJI) climbed 59 points, or
0.4%, to 16,494.20 and was set to record a slight gain for the
week. The S&P 500 (SPX) gained 4.8 points, or 0.3%, at 1,836.85
but headed for the first weekly loss in two weeks.
The tech-heavy Nasdaq Composite (RIXF) rose 0.3 points to
4,142.99 but also headed for a modest weekly loss.
Volumes on Wall Street were thin with many traders still on
holiday. Also, a major storm in the Northeast hampered travel and
states of emergency were declared for New York and New Jersey.
"Trading volume is off at least 25% this morning and will likely
be lower all day due to the mammoth snow storm and today being the
last day of a holiday week. Next week volumes will rise as market
participants will be back to work and investors will be
re-allocating portfolios for 2014," said Channing Smith, managing
director at Capital Advisors.
Investors focused on speeches from Federal Reserve officials,
who gathered at an American Economic Association in Philadelphia on
Friday, to look for insights into the central bank's bond-buying
program and monetary policy. Last month, the Fed announced that it
would start slowing down monthly asset purchases by $10 billion to
$75 billion, but stressed it was committed to low interest rates
until further improvements in the unemployment rate.
Critics of the bond-buying program see the Fed's $4 trillion
balance sheet as a future cause of inflation, while proponents
worry the withdrawal of monetary stimulus will hamper the economic
recovery.
Investors digested data on December car sales, which are often
seen as a barometer of consumer confidence. Ford Motor Co. (F), the
second-largest auto maker, reported a 2% gain in net sales in
December to 218,058 vehicles. Analysts expected a 5.9% gain. Ford
shares were down 0.2% in early trade. Privately owned Chrysler
Group LLC reported a 5.7% increase in sales last month to 161,007
units, missing analysts' expectations.
General Motors Co. (GM.XX) shares dropped 2.5% after the car
maker reported a decline in U.S. vehicle sales for December to
230,157 units, down 6.3% from a year ago, while analysts expected a
rise of 0.8%.
FireEye Inc. (FEYE) shares surged 30%. The computer-security
firm on Thursday said it acquired Mandiant Corp., a company known
for its report linking cyber attacks on U.S. companies to the
Chinese military that was published in early 2013, in a deal worth
about $1 billion.
Delta Air Lines Inc. (DAL) climbed 4.1% after the firm said its
passenger unit revenue was up 10% in December.
Rite Aid Corp. (RAD) advanced 8.9% after the drug store chain
said same-store sales increased 2.9% in December over the same
period a year ago, due to growth in its pharmacy division.
Shares of Twitter Inc. (TWTR) rose 3.3%.
Sprint Corp. (S) shares fell 4.6%. They declined 3.3% on
Thursday after a downgrade from Cowen & Co. to a market perform
rating from outperform, even as the firm raised its price target on
Sprint to $8.25 from $7.50.
Owens Illinois Inc. (OI) fell 2%. Analysts at Bank of America
Merrill Lynch reportedly downgraded the glass company to neutral
from buy, according to the Analyst Ratings Network.
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