Stocks Headed for Best Week of the Year
NEW YORK (AP) -- Stocks rose again on Friday, keeping the market on track for its best week this year, helped by shares of mining and material companies. Markets continue to be driven by confidence that the Federal Reserve will keep interest rates low for several more months.
KEEPING SCORE: The Dow Jones industrial average rose 15 points, or 0.1 percent, to 17,063 as of 10:04 a.m. Eastern. The Standard & Poor's 500 index rose a point to 2,013 and the Nasdaq composite rose two points, or 0.1 percent, to 4,813.
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The S&P 500 is up 3.4 percent this week, its biggest gain since December. It has risen eight days out of the past nine.
DIGGING AWAY: European commodities giant Glencore jumped 11 percent in London after the company announced it would slash zinc production by a third. Freeport-McMoRan followed Glencore higher, rising 32 cents, or 2 percent, to $13.77.
RECYCLING BIN: One material company not doing well was Alcoa, the aluminum company, which fell 53 cents, or 5 percent, to $10.49. The company reported a steep drop in profits for its third quarter, citing lower aluminum prices and a strong U.S. dollar.
ENERGY: The price of oil and energy stocks rose as Russia's military actions in Syria raised the risk of a wider conflict in the region. Benchmark U.S. oil gained 60 cents to $50.01 on the New York Mercantile Exchange.
BONDS, CURRENCIES: U.S. government bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.10 percent. The euro rose to $1.1355 while the dollar rose to 120.25 yen.
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