Stocks rose on Wall Street Friday, bolstered by better-than-expected earnings from Hewlett-Packard.
The Standard & Poor’s 500-stock index climbed 0.4 percent, the Dow Jones industrial average rose 0.3 percent, and the Nasdaq composite index added 0.4 percent.
The S.&P. 500 has dropped 1.9 percent over the last two sessions, its worst two-day drop since early November, putting the benchmark index on pace for its first weekly decline of the year. The retreat was triggered by minutes from the Federal Reserve’s January meeting, released earlier in the week, that suggested stimulus measures may end earlier than thought.
Still, the index was up more than 5 percent for the year and has held above the 1,500-point level.
“When you get a move like that, you are bound to see a pause, and the Fed minutes is a good enough reason to at least reassess,” said Michael Marrale, head of research, sales and trading at ITG in New York.
But, he added, “ultimately, we are going to see rates go higher and, ultimately, that will take money out of bonds and into equities.”
Hewlett-Packard, the maker of personal computers and printers, climbed 5.1 percent after the company’s quarterly revenue and forecasts beat analysts’ expectations as it continued to cut costs.
Abercrombie & Fitch, the clothing retailer, dipped 1 percent after it reported a drop in fourth-quarter comparable sales, even as the latest quarterly earnings topped estimates.
The insurer American International Group posted fourth-quarter results that beat analysts’ expectations. Shares advanced 4.4 percent.
Marvell Technology Group, a chip maker, rose 5.8 percent after the company gained market share in the hard-disk drive and flash-storage businesses.
The European Commission forecast on Friday that growth in the 27-nation European Union would rise only 0.3 percent this year, while growth in the 17 members that use the euro would fall 0.1 percent for a second year of recession. Stock markets in Europe were mostly ahead in afternoon trading after a sharp pullback on Thursday.
Wall Street Edges Ahead
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Wall Street Edges Ahead
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Wall Street Edges Ahead
