Wall Street ends up; Dow posts best weekly gain since January
NEW YORK (REUTERS) - United States (US) stocks rose on Friday and the Dow registered its best weekly gain since January, helped by gains in Intel, though trading was subdued as the Federal Reserve is expected to scale back its stimulus measures next week.
Despite indications economic growth slowed somewhat in the third quarter, traders expect the Fed to trim its US$85 billion (S$108 billion) in monthly bond purchases by US$10 billion while leaving interest-rate policy highly accommodative to help the economy - and be supportive of equities.
The Dow, up 3 per cent for the week, has one more week of trading with its current 30 constituents. After that, the average will add Goldman Sachs, Nike and Visa , replacing Alcoa, Bank of America and Hewlett-Packard. Visa rose 7 per cent this week.
Giving all three indexes their biggest lift on Friday was Intel, whose shares gained 3.6 per cent to US$23.44, after Jefferies boosted its rating on the chipmaker and raised its price target to US$30 per share.