Rising consumer spending boosted stocks on Friday, and Wall Street closed its best first quarter since 1998. Rising consumer spending boosted stocks on Friday, and Wall Street closed its best first quarter since 1998. ADVERTISING The Dow Jones industrial average
Rising consumer spending boosted stocks on Friday, and Wall Street closed its best first quarter since 1998.
The Dow Jones industrial average rose 66.22 points to close at 13,212.04. The Standard & Poor’s 500 index rose 5.19 points to close at 1,408.47. The Nasdaq composite barely moved, falling 3.79 points to close at 3,091.57.
For the quarter, the Dow posted an 8 percent gain and the S&P a 12 percent gain, the best for those indexes in 14 years. The gain was 19 percent for the Nasdaq, its best since 1991.
The Commerce Depart-ment said consumer spending rose in February at the fastest rate in seven months. Strong hiring over the past three months has added up to the best jobs growth in two years, putting more people back to work.
Americans spent more even though their income has stagnated for two months after taxes and inflation. Some of the increased spending has gone to gasoline, which is the most expensive on record for this time of year. Oil prices rose again on Friday, up 23 cents in New York to $103.02 per barrel.
Nine out of 10 industry groups in the S&P 500 rose. The biggest-gaining category was energy stocks, although refiners fell because of higher oil prices. Health care stocks rose, too, with two of the biggest gainers being health insurers UnitedHealth Group Inc. and WellPoint Inc. Technology stocks fell slightly.
Some of the buying could be driven by end-of-the-quarter efforts by fund managers to get into stocks now that they have become popular again, said Jim Russell, a regional investment director for US Bank Wealth Management. And individual investors who have been relying on bonds appear to be getting back into the market, too, he said.
“We are very heartened to see the retail investor stop playing one key on the piano — that is, all bonds, all the time,” he said.
Apple fell 1.7 percent after a company that makes its iPhones and iPads said it would effectively raise per-hour wages at its factories in China, suggesting that manufacturing prices could rise.
Shares of BlackBerry maker Research in Motion Ltd. rose 6.6 percent a day after the Canadian company said it would return to focusing on corporate customers and shake up its management to try to get profits growing again.
