Dow Has Its Best Close in Nearly 5 Years
Investors, encouraged by a drop in the unemployment rate, sent the Dow Jones Industrial Average to its highest level in nearly 5 years on Friday. And though the jobs report-inspired rally did not last, the Dow still closed up 34.79 points, at 13610.15, for its best finish since December 2007.
The S&P 500, meanwhile, ended a four-day streak of positive finishes, ending slightly lower. According to Reuters, the good news about jobs "was overshadowed by concerns about the coming earnings season, which begins with Alcoa (AA) next week."
The Nasdaq dropped 13.27 points to 3,316.19.
Below is the Associated Press's summary of noteworthy moves in U.S. stocks:
- Apple (AAPL) fell $14.21, or 2.1 percent, to $652.59, causing the Nasdaq to perform worse than other indexes.
- Zynga (ZNGA) plunged 33 cents, or 11.9 percent, to $2.48 after the online game maker said that it expects a third-quarter loss due to weak demand and a charge related to an acquisition.
- Dow component Hewlett-Packard (HPQ) fell 21 cents to $14.73. Moody's Investors Service said it was reviewing its investment-grade credit rating for a possible downgrade after the PC and printer maker cut its profit forecast.
- Avon Products (AVP) rose $1.17, or 7.2 percent, to $17.39 after announcing that its chairman and former CEO Andrea Jung will step down at the end of the year. Jung had come under fire for failing to reverse the company's declines and wrap up a bribery investigation.
- Constellation Brands (STZ) rose $1.48, or 4.3 percent, to $36.20. The wine and liquor company's quarterly results beat Wall Street's forecasts, and it raised its full-year forecast.
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