By Dow Jones Business News,
August 08, 2014, 04:10:00 PM EDT
By Anora Mahmudova, Carla Mozee and Victor Reklaitis, MarketWatch
S&P 500, Dow gain over the week
S&P 500, Dow gain over the week
NEW YORK (MarketWatch)--Wall Street closed sharply higher Friday and posted modest gains for the week as risk appetite
returned after news reports that Russia ended military exercises on the Ukrainian border.
War Central: Live updates on Iraq, Ukraine and Gaza
The S&P 500 (SPX) closed 22.02 points, or 1.2%, to 1,931.59 and finished the week 0.3% higher. The Dow Jones
Industrial Average (DJI) jumped 185.66 points, or 1.1%, to 16,553.93, its biggest one-day percentage gain in more than 4
months. The blue-chip index gained 0.3% over the week.
The Nasdaq Composite (RIXF) gained 36.08 points, or 0.8%, to 4,371.07 and recorded a 0.4% weekly gain.
The Russell 2000 (RUT) rose 11.8 points, or 1% to the preliminary 1,131.55 and gained 1.5% over the past five days,
outperforming large-cap stocks.
Follow MarketWatch's live blog of today's stock-market action.
Headlines from Russia and the Middle East dominated news on Friday. Russian news agency RIA quoted a senior official
saying Russia is seeking to de-escalate tensions with Ukraine, followed by another report that it ended military
exercises near the border with Ukraine. Read also: Ukraine trumps Iraq: Investors' 3 biggest worries
Meanwhile, the U.S. military has struck ISIL artillery that had been used against Kurdish forces defending Erbil, the
Pentagon said Friday.
"Equities are likely to trade sideways throughout August and be driven by geopolitical headline news," said Terry
Sandven, chief equity strategist at U.S. Bank Wealth Management. "From a technical standpoint, it is a good time to add
to positions as we do not expect a 10% correction at this point."
In the Middle East, Israel said Hamas had violated a 72-hour cease-fire and ordered the military to resume fire in the
Individuals stock moves
On the data front, a report on U.S. labor productivity in the second quarter showed a 2.5% rise, beating the 1.7% gain
expected by economists polled by MarketWatch.
Among individual stocks, Tekmira Pharmaceuticals Corp. ( TKMR ) surged 45% after the Canadian drug maker said Thursday
U.S. regulators are moving closer to approving its anti-Ebola drug for use on those infected with the deadly disease.
Gap ( GPS )climbed 5.9% after the apparel retailer's same-store sales increased 2% in July, topping analysts'
Sotheby's ( BID ) dropped 7.9% after the auction-house's second-quarter profit dropped 15%, missing Wall Street's
expectations. (Read more about notable stock moves here: http://www.marketwatch.com/story/zynga-plummets-tesla-falls-
In other markets, oil futures (CLU4) ticked up, and gold futures (GCZ4) firmed. The 10-year U.S. Treasury note's yield
recovered to 2.42% after Russia news. European stocks closed lower.
Investors had sought safety in the Japanese yen (USDJPY), and that push higher for the currency led to a 3% dive in
More must-reads from MarketWatch:
NEED TO KNOW: Drop in stocks is following the presidential cycle
Obama approves U.S. airstrikes in northern Iraq
How pub keeps patrons fat, drunk and returning
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
Copyright (c) 2014 Dow Jones & Company, Inc.