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Wall St. sees first rally in four weeks

Friday, May 25, 2012 - 01:20

May 25 - Summary of business headlines: U.S. stocks posted their first weekly gain in a month, but fell ahead of the long holiday weekend; Consumer sentiment at four-year high in May; Facebook ends birthday week lower; Euro stocks creep higher. Jill Bennett reports.

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Investors played it safe Friday, leaving stocks little changed, ahead of a three-day holiday weekend as doubts continue to linger over the European economy after warnings about Greece. Here's a look at the final numbers: the Dow lost nearly 75 points. The S&P 500 and Nasdaq fell back slightly. For the week: the Dow was up 0.7 percent and the Nasdaq gained 2.1 percent. A bullish read on consumer sentiment wasn't enough to rally the bulls, but may have helped keep losses in check. The Thomson Reuters/University of Michigan survey shows sentiment rose to a more than four-year high in May as consumers remain upbeat over the jobs market. Facebook ends its first week of trading as a public company, after its botched IPO on the Nasdaq, below the 38 dollar offering. Claims could exceed $100 million, according to four of Wall Street's main market makers in the IPO, as they deal with thousands of problems with last week's market debut. Overseas: The DAX, CAC and FTSE all posted slight gains on the session. Standard & Poor's downgraded five banks in Spain, as the government works towards a bailout for Bankia. Jill Bennett, Reuters

Wall St. sees first rally in four weeks

Friday, May 25, 2012 - 01:20

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