Wall Street Stocks End Mixed

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Last updated at: (Beijing Time) Saturday, November 16, 2002

Wall Street Stocks End Mixed

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Wall Street stocks ended mixed Friday with the Dow index rising for the sixth straight week and the Nasdaq and Standard & Poor's indexes rebounding during the week, as stronger-than-expected consumer sentiment index supported investors' buying in the blue chips.

The Dow Jones industrial average rose 36.96 points, or 0.43 percent, to 8,579.09, after surging 143.64 points Thursday.

Broader stock indicators were mixed. The technology heavy Nasdaq composite index edged down 0.38 point, or 0.03 percent, to 1,411.14. The Standard & Poor's 500 index gained 5.56 points, or 0.61 percent, to 909.83.

The market staged a late afternoon rally after declining in early trading. Investors hoped for a strengthening economic recovery after the University of Michigan reported that its preliminary November consumer sentiment index jumped to 85.0 points, up from 80.6 in October and above analysts' expectations of 82.0.

The Labor Department announced that wholesale prices increased 1.1 percent in October, the biggest leap since January 2001. The reading was well above analysts' forecasts of a modest 0.2 percentrise, raising some concerns of inflation.

Another report from the Federal Reserve said that US industrialproduction fell 0.8 percent in October, its third straight monthlydecline. It was the worst showing since September 2001, when industrial production dropped 1.1 percent.

For the week, the Dow index rose 41.96 points, or 0.5 percent, its sixth consecutive weekly gain, while the Nasdaq composite advanced 51.86 points, or 3.8 percent, and the Standard & Poor's index grew 15.09 points, or 1.7 percent.

General Electric fell 64 cents to 23.86 dollars after J.P. Morgan Securities downgraded the company to underweight from neutral, and cut its 2003 estimate.

In the technology sector, Intel slumped 41 cents to 18.80 dollars after Merrill Lynch downgraded the chip maker to sell fromneutral. Microsoft decreased 30 cents to 56.69 dollars and Dell Computer sank 1.12 dollars to 29.82 dollars. But Cisco Systems inched up 8 cents to 14.08 dollars and Oracle climbed 36 cents to 10.71 dollars.

The NYSE index closed up 3.64 points at 482.34, the American Stock Exchange index lost 0.69 point to 818.40, and the Russell 2000 index of smaller companies was off 0.32 point at 385.92.

Advancing issues outnumbered decliners by a 3-to-2 margin on the New York Stock Exchange, with 1,941 up, 1,315 down and 166 unchanged.

NYSE trading volume decreased to 1.45 billion shares from 1.49 billion in the previous session.

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