Published January 11, 2013
FOX Business: Capitalism Lives Here
The markets failed to budge much Friday, but the broad S&P 500 closed out the week just a couple ticks off its highest level in five years as Wall Street continues its New Year's run.
According to preliminary calculations, the Dow Jones Industrial Average climbed 17.2 points, or 0.13%, to 13488, the S&P 500 dipped 0.07 point, or 0.00%, to 1472 and the Nasdaq Composite rose 3.9 points, or 0.12%, to 3126.
For the week, the Dow tacked on 0.4%, the S&P 500 added 0.38% and the Nasdaq jumped 0.77%.
Wall Street has started the year off in a big way, with the S&P 500 pushing its highest levels since late 2007 -- well before the financial crisis that sent markets tumbling. The main catalyst for the early-year push was Congress moving to avert the fiscal cliff. Now, market participants are getting a chance to focus on the economy and the state of U.S. corporations.
The Commerce Department said the U.S. trade deficit widened by 15.8% in November from October to $48.7 billion, bringing the trade gap to its widest level since April. The deficit was expected to fall to $41.3 billion. A separate report showed U.S. import prices falling 0.1% in December, compared to economists' expectations of a 0.1% gain. Export prices also fell 0.1%, but were expected to remain unchanged.
On the corporate front, traders are expected to pay close attention to Boeing (BA). Worries have mounted recently after a series have issues have occurred regarding its highly-lauded 787 "Dreamliner" jet. The FAA is reportedly set to begin a comprehensive review of the plane, which has already been the subject of significant manufacturing delays.
Wells Fargo (WFC) posted fourth-quarter earnings of 91 cents a share on revenue of $21.9 billion, topping expectations of 89 cents on $21.3 billion.
Best Buy (BBY) said its holiday-season revenues fell 0.4% this year to $12.8 billion, while comparable-store sales dipped 1.4%.
Energy futures were in the red. The benchmark oil contract fell 26 cents, or 0.28%, to $93.56 a barrel. Wholesale New York Harbor gasoline sold off by 1.9% to $2.74 a gallon. In metals, gold fell $17.40, or 1%, to $1,661 a troy ounce.
The Euro Stoxx 50 rose 0.14% to 2712, the English FTSE 100 climbed 0.2% to 6114 and the German DAX gained 0.13% to 7719.
In Asia, the Japanese Nikkei 225 rallied 1.4% to 10802 and the Chinese Hang Seng fell 0.39% to 23264.