NEW YORK (AFX) - Wall Street rebounded Friday after two sessions of losses as investors were encouraged by lower crude oil prices, which offset warnings from the homebuilding industry. However, the major indexes still ended the week with losses.
Homebuilding stocks, all trading just off 52-week lows, didn't budge much after Lennar Corp. joined rivals Beazer Homes USA Inc. and Hovnanian Enterprises Inc. in warning about quarterly results. However it did leave Wall Street somewhat unnerved at the prospect of a sharp economic slowdown.
The Dow Jones industrial average rose 60.67, or 0.54 percent, to 11,392.11.
The Standard & Poor's 500 index slipped 4.90, or 0.38 percent, to 1,298.92.
The Nasdaq composite rose 10.50, or 0.49 percent, to 2,165.79.
For the week:
The Dow lost 72.04, or 0.63 percent.
The S&P lost 12.09, or 0.92 percent.
The Nasdaq lost 27.34, or 1.25 percent.
Where the indexes stand compared with their all-time highs, reached in early 2000:
The Dow is 330.87, or 2.82 percent, below its peak of 11,722.98 on Jan. 14, 2000.
The S&P is 228.54, or 14.96 percent, below its peak of 1,527.46 on March 24, 2000.
The Nasdaq is 2,882.84, or 57.10 percent, below its peak of 5,048.62 on March 10, 2000.
For the year:
The Dow is up 674.61 or 6.29 percent.
The S&P is up 50.63, or 4.06 or percent.
The Nasdaq down 39.53, or 1.79 percent.
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