The market’s seesaw action ended the week on the upside.
The Dow Jones industrial average, which rose Monday, Wednesday and Friday, but fell on Tuesday and Thursday, closed yesterday at 8,443.99, up 126.65 for the day and up 121.59, or 1.5 percent, for the week.
That’s the Dow’s third consecutive up week, and broader market averages followed a similar path.
The technology-packed Nasdaq composite index rallied 32.42 to 1,331.13 yesterday. It was up 3.4 percent for the week.
The S&P 500 index gained 15.15 to 897.65 yesterday and was up 1.2 percent for the week.
“Investors sifted through a mountain of economic data and earnings data, finding nuggets of hope,” said Jocelynn Drake, an analyst with Schaeffer’s Investment Research.
The housing market, for example, continues to be strong. New home sales rose 0.4 percent and existing home sales increased by 1.9 percent in September.
That’s strong evidence that consumer spending continues unabated.
However, consumer sentiment is flagging.
According to a University of Michigan study, the consumer sentiment index fell to 80.6 in October, from 86.2 in September.
In earnings news, Starbucks met quarterly estimates and raised forecasts for the year. The stock climbed $1.48 to $23.93.
Duane Reade easily beat estimates and the stock gained $2.76 to $19.70.
Emulex said its quarterly profits would be higher than forecast and the computer circuit-card maker’s stock rallied $4.08 to $17.88.