US stocks up marginally on strong retail results
Bankers said the finance minister advised them to lower interest rates on consumer durables that will help domestic demand pick up and investment in the manufacturing sector.
Stocks rose on Friday after strong earnings from retailers boosted investor confidence.
The Dow Jones industrial average rose 10 points to 13,260. The Standard & Poor's 500 index gained 0.4 points to 1,416. And the Nasdaq rose 1.9 points to 3,064.
Gap Inc. shares rose 4.7 per cent after it boosted its outlook and posted a 29 per cent jump in net income, suggesting the operator of Gap, Old Navy and Banana Republic stores is finally on the way to a turnaround.
Shares of Ann Inc., the parent of retailer Ann Taylor, jumped 19 per cent after saying its second-quarter profit rose 24 per cent. Foot Locker rose 2 per cent after quarterly profits leaped 59 per cent, boosted by higher sales, cost controls and a small tax-related gain.
Facebook Inc. shares continued to fall, though not as fast. On Friday they fell another 11 cents to $19.76. After debuting at $38 per share, the stock hit a new low on Thursday as some of its early investors got their first chance to sell.
Broader categories of stocks were more mixed. Of the 10 industry groups in the S&P 500, half were up and half were flat or down. The biggest decliner was health care, down a half-per cent. Tech stocks rose almost 0.4 per cent.
Computer chip maker Marvell Technology Group Ltd. saw its stock drop 14 per cent after a revenue decline sliced its quarterly net income by more than half. Its CEO cited a slowing economy for the trouble.
Global markets edged higher after German Chancellor Angela Merkel gave a new pledge of support for the euro. On Thursday she said that "we feel committed to do everything we can to maintain the common currency." Germany is Europe's economic powerhouse, so its support is critical to the euro's survival.
Copyright @Thomson Reuters 2012
