Friday's markets closed modestly higher for the day and, despite uneven economic and earnings news, with a third week of gains. Jeanne Yurman reports.
Mixed earnings and economic data led to a lukewarm finish Friday. Stocks eking out modest gains. Still for a third straight week the Dow, S&P 500 and Nasdaq all advanced. Cuttone's senior vice president Keith Bliss: SOUNDBITE: KEITH BLISS, SENIOR VICE PRESIDENT, CUTTONE & COMPANY (ENGLISH) SAYING: "I think there's lot of indecision what's going on with the market right now. That's why we're in the range today briefly. But the upward bias is, bad news has become good news again." U.S. consumer sentiment bounced back sharply in October. But industrial output slipped in August. General Electric, a bellwether for the manufacturing sector, profit fell from a year ago but still beat analysts' forecasts. Cost cuts and jet engine sales helped the industrial giant's quarterly income top expectations. GE was the Dow's biggest gainer on the day. Dispirited investors sold Spirit Airlines shares after the airline warned that the drop in unit revenue would be even bigger in the fourth quarter. United Continental's shares dropped. The Wall Street Journal reporting that CEO Oscar Munoz was hospitalized after suffering a heart attack. In Europe, healthcare and energy stocks helped drive shares up to a five week high.