Friday, July 27, 2012

Dow Closes Above 13,000

Posted By on Fri, Jul 27, 2012 at 3:21 PM

Stocks closed out a volatile week with sharp gains Friday, with the Dow Jones Industrial Average closing above 13,000 for the first time since May. The Dow Jones Industrial Average was up 188 points, or 1.5 percent, by market close, reaching the 13,000 mark for the first time since May 4. The S&P 500 added 26 points, or 1.9 percent, and the Nasdaq gained 65 points, or 2.2 percent.

Micron Technology closed up more than 5 percent, at $6.28 per share, while Hewlett-Packard closed up more than 3 percent, to $18.57 a share.

Bloomberg reports that European Central Bank President Mario Draghi will meet with Bundesbank President Jens Weidmann in the coming days to discuss several stimulus measures, including bond purchases, to help the euro zone.

The Federal Reserve also meets next week, facing new data released today that showed U.S. gross domestic product growth slowed to a 1.5 percent annual rate in the second quarter as consumers spent at their most-sluggish pace in a year.

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