DataBank; Faster Economic Growth Helps Stocks Recover
"Evidence of robust economic growth helped the stock market to recover from a midweek slump caused by rising oil prices. The Commerce Department on Friday revised its gauge of the pace of economic growth in the fourth quarter of 2004, bumping it up to an annual rate of 3.8 percent from its estimate of 3.1 percent in January. Analysts had expected a revision to just 3.7 percent.
Oil stocks led the market's rally, driven by Exxon Mobil, which rose 6.5 percent for the week. ConocoPhillips climbed 5.7 percent.
H&R Block, up 7.8 percent, was among the contributors to the gain in the Standard & Poor's 500-stock index.
Higher oil prices also fed inflation concerns, driving up yields on longer-term debt. The yield of the 10-year Treasury note rose to 4.27 percent from 4.26 percent the previous week.
For the week, which had only four trading days because of Presidents' Day on Monday, the Dow Jones industrial average rose 56.38 points, or 0.5 percent, to close at 10,841.60. The S.& P. 500 gained 9.78 points, or 0.8 percent, to close at 1,211.37. The Nasdaq composite index edged up by 6.78 points, or 0.3 percent, to close at 2,065.40.
MARK A. STEIN"