Stocks end higher despite weak consumer data
By CHRISTOPHER WANG AP Business Writer
NEW YORK (AP) – Wall Street ended an erratic quarter with a modest advance Friday as falling oil prices helped ease concerns about a weakening consumer environment following hurricanes Katrina and Rita.
Stocks fluctuated throughout the session following news that personal income and spending declined last month, and that consumer confidence plunged from August. The numbers – mostly reflecting the month before the storms devastated the Gulf Coast – largely missed expectations and raised fears about further declines this winter amid record energy prices.
But the market was helped by the fact that crude oil eased as traders took profits following this week’s runup. Still, worries persisted about supply shortages this winter in the aftermath of the hurricanes. A barrel of light crude dropped 55 cents to $66.24 on the New York Mercantile Exchange.
According to preliminary calculations, the Dow Jones industrial average gained 15.92, or 0.15 percent, to 10,568.70, after spending most of the session in negative territory.
The broader stock indicators also moved higher. The Standard & Poor’s 500 index was up 1.13, or 0.09 percent, at 1,228.81, and the Nasdaq composite index rose 10.47, or 0.49 percent, to 2,151.49.
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AP-ES-09-30-05 1618EDT