May 16, 2014 -- 4:15 p.m. - 05/16/14
Stocks ended the week on a positive note. The Dow rose 44 points to 16491. The S&P 500 advanced 7 points to 1877. The NASDAQ gained 21 points to 4090.
After toggling between gains and losses for a majority of todays session the major averages finished higher thanks to an afternoon rally. On the economic front, the University of Michigan consumer confidence survey unexpectedly dropped this month from a nine-month high. On the upside, housing starts surprisingly jumped in April to the highest level since last November and building permits also increased more than anticipated.
Nine of the 10 S&P 500 sectors advanced. Telecommunications and consumer staples were the best performing groups. Verizon rallied 2.3% to $49.05. Altria added 1.4% to $40.61. Late gains in technology also helped lift the market as Apple jumped 1.2% to $596.12. Energy was the only sector that closed in negative territory, led by Chesapeake Energys 4.7% drop to $27.62. Despite todays gains, the Dow snapped a two-week winning streak as it declined 0.6%. The S&P 500 was down less than 0.1% on the week while the NASDAQ managed to finish with a weekly gain 0.5%.
NYSE Composite volume totaled more than 3.1 billion shares. On the NYSE, advancers beat decliners by 2-1 on issues and 5-3 on volume. The NASDAQ was 8-5 positive on issues and 5-3 positive on volume.
Treasuries fell for the first time in four days. The 10-year note declined 9/32 to yield 2.52%. The 30-year bond lost 12/32 yield 3.34%.