Published September 13, 2013
FOX Business: Capitalism Lives Here
The blue-chip average climbed 3% in its best week since early January as traders grew less anxious about Syria and the Fed's tapering plans.
The Dow Jones Industrial Average climbed 75.4 points, or 0.49%, to 15376, the S&P 500 gained 4.6 points, or 0.27%, to 1688 and the Nasdaq Composite advanced 6.2 points, or 0.17%, to 3722.
For the week, the Dow climbed 3%, the S&P 500 advanced 2% and the Nasdaq gained 1.7%.
The focus on Friday was on economic data.
The Commerce Department said retail sales rose 0.2% in August, missing expectations it would rise 0.4%. Excluding the auto segment, sales rose 0.1%, shy of expectations of a 0.3% increase.
A gauge of consumer sentiment from Reuters and the University of Michigan checked in at 76.8 in early September, falling short of expectations it would fall to 82 from 82.1 in late August.
Meanwhile, the Labor Department reported wholesale inflation rose 0.3% in August, compared to expectations it would rise 0.2%. Excluding the food and energy segment, producer prices remained unchanged from July, while economists expected it to rise 0.1%. The more closely watched Consumer Price Index is due out next week. Recently, the risk of deflation, or expectations of lower prices, has actually posed a bigger threat than inflation.
In corporate news, micro-blogging site Twitter filed a confidential filing for an initial public offering with the Securities and Exchange Commission. Goldman Sachs (GS) was said to be the lead underwriter on the much-awaited IPO, according to multiple media reports. The investment bank declined a FOX Business request for comment.
In commodities, crude oil futures fell 78 cents, or 0.73%, to $107.81 a barrel. Wholesale New York Harbor gasoline rose 0.42% to $2.774 a gallon. Gold plummeted $17.40, or 1.3%, to $1,313 a troy ounce.
The Euro Stoxx 50 fell 0.07% to 2860, the English FTSE 100 dipped 0.2% to 6576 and the German DAX rose 0.07% to 8500.
In Asia, the Japanese Nikkei 225 edged up 0.12% to 14405 and the Chinese Hang Seng slumped 0.17% to 22915.