U.S. stocks ended the week on a high note today, as Wall Street viewed the latest round of economic reports with rose-colored glasses. Specifically, investors celebrated encouraging data from the Commerce Department, which said seasonally adjusted retail sales jumped 0.5% in July -- the biggest monthly advance since April. The upbeat figures helped to overshadow a steep drop in the Reuters/University of Michigan consumer sentiment index -- which fell to a 31-year nadir in August -- and aided the bulls to their second straight victory. By the close, the Dow Jones Industrial Average (DJIA) added more than 125 points -- though even a triple-digit jump looked relatively modest against the backdrop of one of the most volatile weeks in years.
The Dow Jones Industrial Average (DJIA – 11,269.02) ended with a gain of 125.7 points, or 1.1%, as all but nine of its 30 components finished higher. Leading the bullish majority was Boeing's (BA) 4.9% jump, while JPMorgan Chase (JPM) paced the laggards with a 2.1% retreat. After two straight days in the black, the Dow pared its weekly deficit to 1.5%.
Meanwhile, the S&P 500 Index (SPX – 1,178.81) advanced 6.2 points, or 0.5%, but still gave up 1.7% since last Friday. Finally, the Nasdaq Composite (COMP – 2,507.98) gained 15.3 points, or 0.6%, to end north of the 2,500 level for the first time in a week. What's more, the tech-rich COMP fared the best for the week, trimming its losses to about 1%.
Turning to equities in focus, Nordstrom (JWN) posted better-than-predicted second-quarter results ... Molycorp's (MCP) earnings report also topped analysts' expectations ... Jefferies weighed in on computer makers Dell (DELL) and Hewlett-Packard (HPQ) ... U.S. regulators approved clinical studies to test MannKind's (MNKD) experimental diabetes inhaler ... PNC Financial (PNC), State Street (STT), and SunTrust Banks (STI) could present opportunities for contrarian-minded bears ... Bed Bath & Beyond (BBBY) got a boost from an upgrade and positive retail sales data ... However, sector peer Dillard's (DDS) dropped on margin concerns ... and today's Quote of the Day comes from an anonymous user at personal finance site Mint.com. In light of the broad-market roller-coaster ride of late, many investors are hoarding tangible assets like cash and gold. In response to a survey asking members to name the most unusual places they're hiding their cash, the aforementioned user said their money is in the stock market.
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