The Dow Jones Industrial Average closed up 14.51 points, or 0.2%, at 9,801.12, ending the week 2.3% higher after five straight gains that added 219 points. The S&P 500 index rose 3.72 points to close at 1,050.66—its highest level since May 31, 2002, and a gain of 2.1% for the week.
Tech stocks didn't end the week as well, though they posted a winning week. The InformationWeek 100 index fell 0.36 to 302.95, but gained 4.4% for the week. The Nasdaq 100 tracking stock lost 21 cents to close at $35.18, but was up 0.7% for the week, and the Nasdaq Composite Index fell 0.48 to close at 1,932.21, though it gained 3.6% for the week.
For October, the Dow rose 5.7%, the S&P rose 5.5%, and the Nasdaq rose 8.1%,
On Thursday, the Commerce Department reported that the U.S. economy expanded at its fastest rate since 1984 during the third quarter, fueled by consumer spending and business investments in equipment and technology. But before the opening bell on Friday, the government reported that consumers kept a tighter grip on their wallets in September, trimming spending by 0.3%. Analysts had expected a 0.1% drop. Consumer spending had risen 1.1% in August and 1% in July.
Still, Americans' incomes rose 0.3% in September for the third month in a row, slightly better than the 0.2% increase analysts had expected. Other economic reports on Friday showed business activity in the Midwest expanded for a sixth straight month in October, and that U.S. consumer sentiment also rose.
IT's Reputation: What the Data SaysInformationWeek's IT Perception Survey seeks to quantify how IT thinks it's doing versus how the business really views IT's performance in delivering services - and, more important, powering innovation. Our results suggest IT leaders should worry less about whether they're getting enough resources and more about the relationships they have with business unit peers.
What The Business Really Thinks Of IT: 3 Hard TruthsThey say perception is reality. If so, many in-house IT departments have reason to worry. InformationWeek's IT Perception Survey seeks to quantify how IT thinks it's doing versus how the business views IT's performance in delivering services - and, more important, powering innovation. The news isn't great.
InformationWeek Must Reads Oct. 21, 2014InformationWeek's new Must Reads is a compendium of our best recent coverage of digital strategy. Learn why you should learn to embrace DevOps, how to avoid roadblocks for digital projects, what the five steps to API management are, and more.