The Clinton Herald, Clinton, Iowa

Business & Technology

September 14, 2013

Dow Jones average has its best week since January

NEW YORK (AP) — Stocks rose broadly Friday, giving the Dow Jones industrial average its best week since January.

The market got a lift from two economic reports, one showing that inflation remained tame in August and the other showing that Americans spent more at stores last month.

The Dow rose 75.42 points, or 0.5 percent, to 15,376.06. The index closed up three percent for the week, its best five-day performance since the week ending Jan. 4.

Intel led the Dow higher. Analysts at Jefferies & Co. said Intel may be able to increase its sales with power-efficient chips. Intel rose 81 cents, or 3.6 percent, to $23.44.

The Standard & Poor’s 500 index rose 4.57 points, or 0.3 percent, to 1,687.99. The Nasdaq composite index rose 6.22 points, or 0.2 percent, to 3,722.18.

Traders had a few economic reports to work through. Americans increased their spending modestly in August, roughly 0.2 percent, the Commerce Department reported, however that was half of what economists expected.

The sales report was mixed. Shoppers spent more on cars, electronics and furniture, but they didn’t buy much else. Last month, several retail chains including Nordstrom, Macy’s and Wal-Mart cut their profit forecasts for the year.

The government also reported that wholesale prices rose 0.3 percent last month. Over the past year, prices have only gained 1.4 percent, a sign that inflation has remains modest. One thing driving wholesale prices higher was energy, which spiked as tensions with Syria and the U.S. escalated.

Trading was light as Wall Street headed into the weekend and the Jewish holiday of Yom Kippur.

Investors were looking ahead to the Federal Reserve’s policy meeting on Sept. 17-18, when the central bank is expected to decide the future of its bond-buying program.

“There’s a lot of ‘wait and see’ going on until the Fed meeting next week,” said Frank Davis, director of sales and trading at LEK Securities.

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