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The move to riskier assets also gave small stocks a lift. The Russell 2000, an index of smaller companies, rose 10.94 points, or 1.1 percent, to 996.28. The index has surged this month and is performing better than both the Dow and the S&P 500 for the year. It's up 17.3 percent so far in 2013. Small stocks are doing well partly because they are more focused on the U.S., which is recovering, and don't rely as much on sales from recession-plagued Europe, as larger companies do. Gold fell for a seventh straight day, dropping $22.20, or 1.6 percent, to $1,364 an ounce. The precious metal is down almost 20 percent this year and has fallen out of favor as an alternative investment as the stock market has surged this year. The demand for gold as an alternative asset is also being undermined by a recent surge in the U.S. dollar. The U.S. currency advanced against both the euro and the yen Friday. The ICE dollar index, which measures the strength of the U.S. currency against a group of six currencies, is at its highest in two years. The price of oil rose 86 cents, or 0.9 percent, to $96.02 a barrel. The Nasdaq composite climbed 33.72 points, or 1 percent, to 3,498. The technology-heavy stock index got a small boost from Facebook, which climbed 12 cents, or 0.5 percent, to $26.25 on the one-year anniversary of its initial public offering. Facebook slumped in the first four months after its market debut on concern that it wasn't doing enough to develop mobile advertising. Despite recovering since then, it's still trading below its IPO price of $38. Two software companies had more success in their stock market debuts on Friday. Marketo surged $10.10, or 77.7 percent, to $23.10 on its stock market debut. Tableau software rose $19.75, or 63.7 percent, to $50.75 on its first day of trading. The standout performance made the two companies the two best performing IPOs of the year. So far, 22 companies have prices stock sales in May, making this the biggest month for stock market debuts since November 2007, according to Renaissance Capital. Among other stocks making big moves; J.C. Penney fell 78 cents, or 4.2 percent, to $18.01 after the retailer reported a loss that was worse than analysts' already dismal estimates. The retailer is reeling from the fallout from a failed turnaround plan orchestrated by its former CEO Ron Johnson, who was ousted last month after less than a year and a half on the job. Autodesk fell $2.67, or 6.7 percent, to $37.11, after the design software company posted disappointing first-quarter results and lowered its forecasts for the year.
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