The Dow Jones Industrial Average's 10-day win streak was snapped on Friday, but the markets still had a decent week. The Dow was up 0.82% while the broader S&P 500 was up 0.61% for the week. Relatively strong employment data helped push stocks higher as the economic recovery kept moving along at its slow and steady pace.
Boeing was the best stock on the Dow this week, climbing 6.4%. Late in the week, management said it may only be a few weeks before the entire fleet of 787 Dreamliners is allowed back in the air again. The company has a fix for the battery issues that caused fires on two of its jets, and it thinks the FAA will be able to approve the change after flight tests are complete. Despite the battery problems, Boeing has screamed past its 52-week high this week.
Hewlett-Packard jumped 6.3% during the week, continuing its recovery. The company signed deals with AAA Northern California, the Nevada & Utah Insurance Exchange, and the European Union to supply servers and services. HP's business doesn't appear to be in as bad of shape as we once thought, and with shares trading at 6 times forward earnings, the stock still has upside potential.
Bank of America rounds out the top three Dow stocks after gaining 4.1% this week. The giant bank passed its stress test, and the Fed approved its plan to buy back $5 billion of stock over the next year. Shares are still trading below book value, so shareholders are getting a good deal on the buyback, and it will help improve earnings per share going forward. Lower-than-expected unemployment claims also helped Bank of America move higher this week. The company's recovery is dependent on an improving economy and housing market, and there's been steady progress on that front all year.
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Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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