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Close Update: Stocks Finish Stronger as Dow Claws Back Losses

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Wall Street finished higher on Friday, with the Nasdaq Composite posting its eighth advance in nine days and the Dow Jones Industrial Average finishing little changed but clawing back the day's losses to end in the green and extend its stretch of record highs to a seventh day.

Ahead of the President's Day market holiday on Monday, trading was subdued on the S&P 500 and the Nasdaq. Telecommunications were up 0.8% in the largest increase among the S&P 500 sectors as mobile-phone firms gained on plans by Verizon's ( VZ ) rivals to also offer unlimited data plans.

Energy shares led declines, sliding 0.6% amid a mixed performance by oil futures on lingering concerns that U.S. output will outpace recent production cuts by the Organization of the Petroleum Exporting Countries.

Verizon rose 1.5% in the greatest increase on the Dow while UnitedHealth ( UNH ) retreated 3.7% in the steepest loss after the Department of Justice joined a whistleblower lawsuit alleging the company defrauded a Medicare managed care program.

While the Nasdaq was stronger through the session, the Dow spent most of the day in the red and the S&P 500 was down until turning around late in the afternoon. Stocks had been on a tear until the breather late this week as investors looked for more concrete news from President Donald Trump and his plans for the economy, including promised tax reforms.

Overseas, jitters weighed about the chances of Marine LePen winning France's April election, with CNBC reporting that recent opinion polls have showed the far-right politician the favorite to win the first round.

Still, all three benchmark averages closed the week in the plus column. The S&P 500 gained 1.2%, the Dow rose 1.4% and the Nasdaq rallied 1.5%.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 4.28 points (+0.02%) to 20,624.05

S&P 500 was up 3.94 points (+0.17%) to 2,351.16

Nasdaq Composite Index was up 23.68 points (+0.41%) to 5,838.58

GLOBAL SENTIMENT

FTSE 100 was up 0.3%

Nikkei 225 was down 0.58%

Hang Seng Index was down 0.31%

Shanghai China Composite Index was down 0.85%

UPSIDE MOVERS

(+) LMIA (+48.64%) Agrees to $14/share buyout offer, cuts 2016 guidance

(+) RGSE (+9.50%) Completes offerings, regains Nasdaq listing compliance

(+) PERF (+5%) Reuters reports the company has hired advisers to explore strategic alternatives

(+) TSRO (+4.27%) RBC raises price target to $202 from $142

(+) B (+4%) Posts Q4 EPS beat, misses on revenue while FY17 guidance straddles projections

DOWNSIDE MOVERS

(-) XTLB (-34.9%) Announced offer to sell 1 million ADS at $2.50 each

(-) ARQL (-18.4%) Phase 3 liver cancer study did not meet primary endpoint

(-) ORC (-12.5%) Swings to a Q4 loss

(-) FNSR (-2.96%) Craig-Hallum expresses caution on stock

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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