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Canally said investors should be prepared for the stock market's rally to fade after significant gains so far this year. He said his firm had slowed stock purchases because the market had gained as much in two months as he expected it to gain all year. The Dow is up 6 percent for the year, the S&P 500 9 percent.
European stocks added to their gains after the U.S. market opened. France's benchmark indexes closed 0.3 percent higher, Britain's 0.5 percent higher and Germany's 0.7 percent higher.
Also Friday, the Commerce Department said the U.S. trade deficit surged in January to the widest imbalance in more than three years as imports hit an all-time high, reflecting rising demand for foreign-made cars, computers and food products.
Exports to Europe fell, raising concerns that economic contraction across most of the continent will hurt U.S. corporate profits.
Some of the stocks that made big moves on Friday:
Green Mountain Coffee Roasters Inc. plunged 16 percent after its larger rival, Starbucks Corp., said it will start selling single-cup coffee machines. That could deflate demand for Green Mountain's Keurig machines. Starbucks rose 3 percent.
Texas Instruments fell 1 percent after the chipmaker lowered its forecast for revenue and earnings in the first quarter, blaming weaker demand for wireless products.
Smith & Wesson Holding Corp. leaped 23 percent after the maker of guns and security systems beat analysts' expectations for third-quarter earnings and raised its full-year guidance.
[Associated
Press;
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