U.S. stocks closed higher on Friday but fell short of session highs as tech and telecom stocks, which were up earlier in the week slipped today. All three major U.S. indexes were up with the Dow Jones Industrial Average higher by 56.99 points or 0.46 percent to 12,377. The S&P 500 Index rose 6.55 points or to 1,332. The Nasdaq increased 3.33 points or 0.12% to 2784.72. The end to the day was lower than expected after Dow Jones industrials hit 12,419.71 at midday, the highest level since June 6, 2008. The morning’s gains were the result of positive job data and an unemployment rate at its lowest levels since March 2009. Big winners in the morning included Coca-Cola Co.(NYSE: KO) and General Electric (NYSE: GE) each of which saw gains of 1.4%.
Later in the day, enthusiasm dropped off. The advanced session paring could be attributed to the surging oil prices, which reached $108 a barrel. A flurry of new reports discussing the approach of $4 per gallon oil, and the resultant strains on the pockets of consumers and businesses, left some investors unwilling to put too much stake into the new job data.
At close, NYSE Euronext was up 12.60% after Nasdaq and ICE made a joint proposal to purchase the exchange that trumped an earlier offer from Deutsche Boerse by an impressive 19%.
Other winners for the day include the Bank of Ireland (NYSE: IRE), up 22.29 percent, Alexander and Baldwin, Inc. (NYSE: ALEX), 19.32 percent higher and 3D Systems Corporation (NASDAQ: TDSC) up 13.43%. Valeant Pharmaceuticals (NYSE: VRX)also continued to climb in the week’s final trading day up 6.91 percent.
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