Financials spark rally, tech stocks down
The possibility of interest rate cuts and a strong showing by financial stocks carried two of the three major U.S. indexes to a winning day Friday.
But, the tech-rich Nasdaq composite, worried about uncertain business demand, lost ground.
The Dow Jones industrials gained 59.99 points, or 0.45 percent, to close at 13,371.72. The S&P 500 was up 11.42, or 0.78 percent, at 1,481.14. But, Nasdaq closed down, 7.17, or 0.21 percent, at 2,660.96.
The volume was 1.3 billion shares traded on the New York Stock Exchange with 2,303 stocks advancing and 976 declining.
Crude oil futures settled $2.30 lower, or 2.5 percent, at $88.71, first time oil closed under $90 in a month and just a week and a half after hitting a new high above $99.
Bonds fell as the 10-year Treasury note lost 7/32 to yield 3.959 percent Friday.
The dollar was mixed. The euro traded at $1.4632 from $1.4740 late Thursday, while the dollar changed hands at 111.08 yen from 109.87 yen. // Copyright 2007 by United Press International
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