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The Journal Gazette

Friday, May 17, 2013 4:48 pm

Stocks rise on hopeful signs for the US economy

The Associated Press

Encouraging news about the U.S. economy is extending the stock market's rally.

U.S. stock indexes rose for the fourth week in a row and are at record levels.

A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence.

The Dow Jones industrial average rose 121 points to close at 15,354 Friday, an increase of 0.8 percent.

The Standard & Poor's 500 climbed 15.65 points, or 1 percent, to 1,666.12.

The Nasdaq composite rose 33 points to 3,499, or 1 percent.

Defense contractor Northrop Grumman rose 4 percent after announcing a big stock buyback.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was lighter than usual at 3 billion shares.