U.S. Stock Market Ends Higher on Tech


U.S. stocks rose on Friday after a day of sharp price swings, helping the S&P 500 narrowly avert a third straight week of losses as bargain-hunting lifted the beaten-down technology sector while shares of oil companies advanced on buoyant crude prices.

After see-sawing through most of the day as the market was buffeted by worries over the housing slump and the credit crisis, major indexes mounted a swift upturn in the last half hour of trade as investors bid up shares of technology companies such as BlackBerry maker Research In Motion Ltd and computer and printer maker Hewlett-Packard Co.

Plans for an additional $10 billion share repurchase by network equipment maker Cisco Systems Inc. also buoyed sentiment in tech shares, helping the Nasdaq snap a two-day losing streak.

Investors also bought up shares of companies seen as better positioned to withstand an economic slowdown, including consumer products maker Procter & Gamble Co, helping to underpin the broader market.

But shares of financial services companies, including Citigroup Inc , fell on persistent worry that losses from mortgage defaults and the housing slump may worsen.

The Dow Jones industrial average rose 66.74 points, or 0.51 percent, to close at 13,176.79. The Standard & Poor's 500 Index gained 7.59 points, or 0.52 percent, to end at 1,458.74. The Nasdaq Composite Index added 18.73 points, or 0.72 percent, to finish at 2,637.24.

For the week, the Dow gained 1.03 percent, while the S&P 500 and the Nasdaq each ended up 0.35 percent.


TradingEconomics.com, Reuters
11/16/2007 2:16:52 PM