Stocks gain in volatile session, end week lower

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Stocks ended higher Friday, with technology shares leading the rebound, amid heavy volume on a day of contract expirations and little economic news.

But most indexes fell over the last full week of trade in 2009.

Dowchart.mkw.gif
3stocks.mkw.gif

The Dow Jones industrial average (INDU) gained 21 points, or 0.2%. But the blue-chip index, which reversed course several times throughout the session, ended the week 1.4% lower.

The S&P 500 index (SPX) rose 7 points, or 0.6%, on Friday. The S&P ended 0.4% lower for the week. The Nasdaq composite (COMP) added 32 points, or 1.5% -- and the index gained 1% over the week.

Philip Isherwood, equities strategist at Evolution Strategies in London, said the markets would likely remain "pretty lifeless" ahead of the Christmas holiday.

"Traders are pretty much done with 2009," agreed Charlie Smith, analyst at Fort Pitt Capital Group.

Smith added that trading would likely remain choppy for the last couple of weeks of 2009, barring major geopolitical news or the passage of new U.S. health care legislation.

"Unless we hear talk of another major country's credit being downgraded, we'll see this choppy flow in and out for the next few weeks," Smith said.

Volatility had been expected Friday because of quadruple witching -- a quarterly event in which stock index futures and options, as well as individual stock futures and options, all expire simultaneously.

Tech shares were the standout, boosted by upbeat earnings reports after the closing bell Thursday from Oracle and Research in Motion.

But volume was high to end the last full week of trade for the year, market breadth was positive. On the New York Stock Exchange, winners beat losers four to three on volume of 3.2 billion shares. On the Nasdaq, advancers topped decliners three to two on volume of 2.9 billion shares.

Companies: Oracle (ORCL, Fortune 500), the world's No. 2 business software maker, reported earnings per share of 39 cents, beating the forecast of 36 cents. Oracle shares ended up 6.4% Friday.

Research in Motion (RIMM) posted a big jump in profit and boosted its outlook. The Blackberry maker's earnings rose to $1.10 per share, from 69 cents a year earlier. Shares closed 10.3% higher.

But smartphone maker Palm (PALM) reported a wider-than-expected loss of 37 cents per share in its second fiscal quarter.

Nike (NKE, Fortune 500) reported its earnings fell to 76 cents in the second fiscal quarter from 80 cents per share a year earlier.

Pepsi (PEP, Fortune 500) announced late Thursday that it will not advertise in this season's Super Bowl. The beverage giant has advertised the past 23 years, and was among the top four advertisers during last season's game.

Other markets: Stocks in Asia and Europe finished slightly lower. The dollar was lower against the euro and the pound Friday, but higher versus the yen.

Crude oil for January delivery gained 71 cents to settle at $73.36, while gold for February delivery jumped $4.10 to close at $1,111.50.

Bonds were lower, with the benchmark 10-year bond yield rising to 3.52% from 3.48% late Thursday. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.20%4.27%
15 yr fixed3.27%3.21%
5/1 ARM3.53%3.38%
30 yr refi4.18%4.24%
15 yr refi3.26%3.20%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,131.97 100.83 0.59%
Nasdaq 4,552.76 33.86 0.75%
S&P 500 1,998.98 14.85 0.75%
Treasuries 2.59 -0.00 -0.08%
Data as of 7:40am ET
Company Price Change % Change
Apple Inc 100.86 -0.67 -0.66%
Bank of America Corp... 16.71 -0.03 -0.18%
Yahoo! Inc 42.71 0.16 0.38%
Alcoa Inc 16.16 -0.23 -1.40%
Facebook Inc 76.08 1.50 2.01%
Data as of Sep 16

Sections

When will the Fed raise rates? It all depends on whether the phrase 'considerable time' is or isn't in the Fed's statement. More

Things aren't looking good for Sony -- the Japanese company expects to lose billions of dollars this year, as the global smartphone race heats up. More

Y Combinator president Sam Altman is teaching a startup class at Stanford with Silicon Valley heavy hitters as guest lecturers. Bonus: All the videos will be available for free online. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.