Short Week Ends With Small Gains

The markets ended the day and the week slightly higher, but activity was slow in advance of Friday's closing due to the national day of mourning for former President Ronald Reagan.
Say one thing about Thursday's activity on Wall Street: It was consistent. On a day characterized by sluggish trading and slow progress, all of the major indexes posted gains within a hair of each other, and that nip and tuck performance was echoed by major tech issues. Cisco Systems rose 26 cents, or 1.1%, to $23.82; Dell was up 23 cents, or 0.7%, to $35.10; Intel was up 24 cents, or 0.9%, to $28.64; and Microsoft rose 30 cents, or 1.1%, to $26.77. Similarly, the Nasdaq-100 trading stock was up 26 cents, or 0.1%, to $36.84, on feeble volume of 56.9 million shares.

Thursday's gains reversed Wednesday's modest losses as all of the averages closed higher for the short week, with the markets taking a break Friday in observance of the death of former President Ronald Reagan. Positive forecasts from FedEx and Procter & Gamble contributed to the day's results, as did a report indicating that continuous unemployment claims dropped by 106,000.

For the day, the Nasdaq gained 9.26, or 0.5%, but fell short of the crucial 2,000 level, closing at 1,999.87, up 1% for the week. Meanwhile, the InformationWeek 100 rose 1.39, or 0.4%, to close at 319.33, up 0.7% for the week. The Dow Jones Industrial average was up 41.66, or 0.4%, to 10,410.10, representing a gain for the week of 1.6%, and the S&P 500 rose 5.14, or 0.5%, to close at 1,136.47, up 1.2% for the week.

Editor's Choice
Brian T. Horowitz, Contributing Reporter
Samuel Greengard, Contributing Reporter
Nathan Eddy, Freelance Writer
Brandon Taylor, Digital Editorial Program Manager
Jessica Davis, Senior Editor
Cynthia Harvey, Freelance Journalist, InformationWeek
Sara Peters, Editor-in-Chief, InformationWeek / Network Computing