Friday, December 20, 2013 4:39 PM - 12/20/13

Stocks gained on Fridays session. The Dow climbed 42 points to close at a record level of 16221. The S&P 500 hit a new all-time high, rising 9 points to 1818. The NASDAQ rallied 47 points to end the week at 4104. The major averages finished in positive territory after a report showed the U.S economy expanded at faster-than-expected pace. Before the open, third-quarter GDP was revised to 4.1% annualized rate from a previous projection of 3.6%. Todays market advance was led by the technology and industrial sectors. Red Hat jumped 14.5% to $56.10 after the software company raised its full-year earnings and revenue forecasts above analyst estimates. Shares of Textron surged 14.5% to $37.29 following reports the maker of Cessna planes was close to a deal to acquire aircraft manufacturer Beechcraft. Telecom was the lone sector down on the session. CenturyLink fell 1% to $31.04. AT&T slipped 0.4% to $34.30. Breadth was positive on issues by a 3-1 margin on the NYSE and 13-5 on the NASDAQ. Composite volume on the NYSE totaled more than 4.9 billion shares. Treasuries were higher at the long end of the yield curve. The 10-year note rose 11/32 to yield 2.89%. The price of the 30-year bond was up a point and 16/32 to yield 3.82%. With todays advance, the Dow was up 3% for week. The S&P 500 rose 2.4% and the NASDAQ gained 2.6%.

 

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