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The Nasdaq composite index gained 39.69 points to 3,206.06, up 1.3 percent. In the market for U.S. government bonds, Treasury prices slipped, nudging yields up from their lowest levels of the year. The yield on the 10-year Treasury note inched up to 1.70 percent from 1.68 percent late Thursday. Traders cautiously returned to buying certain key commodities on Friday, including gold and oil, after big sell-offs earlier this week. But copper continued its fall, losing 2 percent to $3.16 per pound. Rex Macey, the chief investment officer at the Wilmington Trust Investment Advisors, said markets are bound to encounter turbulence as long as the economy continues to advance at a slow pace. Forecasts say the U.S. economy will expand 2 percent this year. In practice, Macey said, that means there will be times when the economy looks ready to stall and others when it looks ready to steam ahead. "You'll hear that Europe's in trouble again and we'll get a pullback in the market," Macey said. "Then you'll go through periods when we're off to the races again. I say,
'Get used to it.'" Even after a rough week, Macey and others said the basic storyline for investors hasn't changed. The economy and corporate profits are still headed in the right direction. And as long as that's true, the stock market will follow their lead. "We're going to have a stronger 2013 than 2012," said Joseph Tanious, the global market strategist at J.P. Morgan Funds. "But the recovery is going to be much more bumpy than people thought."
Among other companies making big moves: SeaWorld Entertainment soared in its first day of trading as a public company. The theme park operator raised $702 million in its initial public offering, with the bulk of the money going to the Blackstone Group, the private equity firm that still controls the company. SeaWorld's stock jumped 24 percent to $33.52, up from its IPO price of $27. Dell sank 4 percent to $13.40 following news that the Blackstone Group withdrew its bid to buy the computer maker. That left Dell with two remaining bidders: a group led by Michael Dell, the company's founder and CEO, and Carl Icahn, the well-known investor.
[Associated
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