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The Labor Department also noted that inflation in other sectors seemed under control. Food prices, which have been rising, were unchanged for the first time in 19 months. Positive signs from bonds and the European markets added to the confusion about where the market was going. The yield on the 10-year Treasury continued to rise, reaching 2.30 percent late Friday compared with 2.03 percent the week before. That's the highest level since October and a sign that investors are more confident in the economy. Markets in Europe also finished higher. The earlier part of the week was an exhilarating ride for the stock market. Both the Nasdaq and the S&P 500 crossed key milestones. The Nasdaq closed above 3,000 for the first time since December 2000; The S&P closed above 1,400 for the first time since June 2008. On Tuesday, the Dow, the Nasdaq and the S&P 500 all recorded their biggest percentage gains of the year. The euphoria was brought on by what investors saw as encouraging news about employment and retail sales. Some cautioned that the improvements were incremental and unconvincing, driving short-term market surges but little else. "It's becoming so much of a sound bite economy," said Ziad Abdelnour, CEO of private equity firm Blackhawk Partners.
In the U.S., Bank of America led the Dow higher, rising more than 6 percent after a report that its proportion of delinquent loans fell in February. Buffalo Wild Wings fell more than 3 percent after a Wedbush analyst lowered his rating to the equivalent of hold from buy, noting the high cost of wings. Energy companies were the biggest gainers in the S&P 500 index. Transocean, an offshore drilling company, rose nearly 5 percent after it reported that it had secured several new contracts. Analysts from at least three companies raised their price targets on the company.
[Associated
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