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Saturday, August 18, 2012

Dow ends higher for sixth week (ext.CNN)


NEW YORK (CNNMoney) -- U.S. stocks ended a listless day higher Friday, with the broader market capping off a sixth straight week of gains.
The Dow Jones industrial average and the S&P 500 both rose about 0.2%. The Nasdaq added 0.4%.
All three indexes ended higher for the week. The Dow and S&P 500 have advanced for six weeks in a row, while the Nasdaq has gained ground the past five weeks.
Stocks have been trading near the highest levels since May 2008. The S&P 500 closed less than five points below the key 1,420 level.
Investors also focused on the latest corporate earnings and sales data, as well as reports on consumer sentiment and leading economic indicators.
Trading volume has been low over the past few days, with many investors on vacation and little news out of Europe.
"There's no volume out there," said Bernard Kavanagh, vice president of portfolio management for St. Louis-based broker Stifel Nicolaus. "It's the typical end of August trading."
German Chancellor Angela Merkel reiterated late Thursday that European policymakers are committed to doing everything they can to support the euro, reigniting hope for further central bank action.
Currencies and commodities: The dollar gained ground against the euro, British pound and Japanese yen.
Oil for September delivery rose 41 cents to end at $96.01 a barrel.
Gold futures for December rose $2 to settle at $1,619.40 an ounce.


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