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December 15, 2017
Friday, November 14, 2014

Wall Street posts gains for 4th week

US stocks posted a fourth straight week of increases but ended today little changed as losses in healthcare shares offset gains in energy.

Apple shares rose 1.2 percent to $114.18, another record high. The stock lifted the Nasdaq, which outperformed other indexes.

Biotech stocks were among biggest decliners in the S&P health care index, which fell 0.8 percent and was the biggest drag on the S&P 500. Gilead fell 2.1 percent to $102.06, while Biogen Idec lost 3.9 percent to $305.43 and was the biggest percentage decliner on both the S&P 500 and Nasdaq.

The Nasdaq biotech index shed 2 percent, its biggest drop in about a month.

Energy stocks rose 0.8 percent following a bounceback in oil prices.

Also helping to limit the day's losses was a stronger-than-expected rise in October retail sales.

The S&P 500, which hasn't made a 1 percent move this month, is now up 10.4 percent for the year.

The Dow Jones industrial average fell 18.05 points, or 0.1 percent, to 17,634.74, the S&P 500 gained 0.49 points, or 0.02 percent, to 2,039.82 and the Nasdaq Composite added 8.40 points, or 0.18 percent, to 4,688.54.

For the week, the Dow and S&P 500 rose 0.4 percent and the Nasdaq climbed 1.2 percent.

Shares of Hertz Global Holdings fell 4.6 percent to $21.69 after it said it would restate 2012 and 2013 financial results.

Shares of low-cost airline Virgin America Inc soared 30.4 percent in their market debut.

Volume was again light. About 6 billion shares changed hands on US exchanges, below the 6.5 billion average this month, according to BATS Global Markets.

NYSE advancers outnumbered decliners 1,618 to 1,452, for a 1.11-to-1 ratio on the upside; on the Nasdaq, 1,380 issues fell and 1,309 advanced for a 1.05-to-1 ratio favoring decliners.

The S&P 500 posted 27 new 52-week highs and four new lows; the Nasdaq Composite recorded 65 new highs and 53 new lows.

In Europe, French and German stocks outperformed skittish European bourses after data showed Germany narrowly avoided recession in the third quarter and France grew more than expected.

The data, which put the euro zone on course for anaemic growth but no contraction, mitigated bearish market expectations on the euro bloc and set a more positive backdrop ahead of inflation data at 1000 GMT.

Germany's DAX and France's CAC indexes were 0.2 percent and 0.3 percent higher, respectively, outperforming the pan-European FTSEurofirst 300 index, which traded 0.1 percent lower at 1,345.64 points, and Britain's FTSE , also down 0.1 percent.

The FTSE, the only major European index to eye a large percentage gain for the week, was weighed down by energy stocks such as BP and Shell as Brent crude held near a four-year low just above $77 a barrel.

Oil prices have been hit by concerns over excess supply and uncertainty over whether OPEC would cut output at a meeting in two weeks.

Also supporting the CAC, French conglomerate Bouygues rose 4 percent after it raised its full-year sales forecast today on the back of better-than-expected sales in the third quarter.

Meanwhile, Japanese stocks gained to close near a seven-year intraday high amid choppy trade ahead of Monday's third quarter GDP figures.

The Nikkei advanced 0.6 percent to 17,490.83, its fourth consecutive day of gains. For the week, the average has added 3.6 percent and since the Bank of Japan's shock easing on Oct 31 it has soared 11.7 percent.

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