Dow Books Biggest Weekly Gain of 2012
NEW YORK (TheStreet) -- U.S. stocks got a boost Friday after President Barack Obama spoke out against Greece leaving the eurozone.
The president said Greece remaining part of the single-currency bloc was in "everyone's interest" and urged eurozone leaders to shore up weak banks. He also noted growing signs of progress in talks about combining austerity measures and growth to combat the region's debt crisis.
The positive trading action came ahead of a weekend that features a raft of economic data from China and a potential banking sector aid request from Spain.
The Dow Jones Industrial Average added 93 points, or 0.75%, to close at 12,554. Thanks mainly to Wednesday's big pop, the blue-chip index finished the week up 3.6% after closing negative for the year a week ago.
The S&P 500 tacked on nearly 11 points, or 0.81%, to settle at 1326. The index rose 3.8% for the week and is now up 5.4% in 2012.
The Nasdaq gained 27 points, or 0.97%, to finish at 2858. The index advanced 4% for the week, putting it up 9.7% year-to-date.
Sectors in the green included technology, transportation and consumer cyclicals, while selling was concentrated in energy and basic materials.
On both the New York Stock Exchange and the Nasdaq, winners were running ahead of losers by a roughly 2-for-1 ratio.
The benchmark 10-year Treasury was up 1/32, diluting the yield to 1.638%. The dollar was adding 0.28%, according to the dollar index.
July crude oil futures settled down 29 cents at $84.53 a barrel and August gold futures settled up $6.30 at $1,594.30 an ounce.