Posted on: Friday, May 20, 2005
Mixed economic news limits Wall Street gain
By Bruce Meyerson
Associated Press
NEW YORK — Wall Street advanced for a fourth straight session yesterday, meandering higher as some mixed economic signals left investors indecisive about their next move following this week's big gains.
Investors drew little guidance from a pair of economic reports, while oil prices were relatively steady after a sharp drop on Wednesday that helped drive stocks higher.
The Labor Department reported that the number of new people signing up for jobless benefits dropped sharply last week compared with a week earlier.
However, the Conference Board reported that its Index of Leading Economic Indicators fell in April, the fourth consecutive decline in that gauge of future economic activity.
The Dow rose 28.74 to 10,493.19 — up 0.27 percent for the day and nearly 3.5 percent for the week — after wavering in a narrow range through the day.
The Standard & Poor's 500 index rose 5.52, or 0.47 percent, to 1,191.08. The Nasdaq composite index rose 11.93, or 0.59 percent, to 2,042.58. The Russell 2000 index of smaller companies rose 2.58, or 0.42 percent, to 610.46.
Advancing issues outnumbered decliners by more than 3 to 2 on the New York Stock Exchange, but by a narrower margin on the Nasdaq Stock Market.
NYSE consolidated volume totaled 1.83 billion shares, down sharply from 2.33 billion on Wednesday.
Blue chip shares overcame several slips into negative territory to manage a modest gain, extending this week's rally by the Dow Jones industrial average to more than 350 points.
