By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged up Friday, staying
on track for weekly gains and lifting the S&P 500 closer to
record levels.
A report showing a stronger-than-expected rebound in U.S.
new-home sales boosted sentiment, and Hewlett-Packard Co. and
GameStop Corp. both jumped about 5% after their quarterly results
to lead the S&P 500 higher.
The benchmark(SPX) was last up 4.02 points, or 0.2%, to
1,896.51, putting it on pace for a weekly advance of 1%. The
S&P 500 has moved nearer to its May 13 record close of
1,897.45, as well as closer to its intraday record of 1,902.17.
The Dow Jones Industrial Average (DJI) tacked on 39.20 points,
or 0.2%, to 16,582.28. The blue-chip index is on track for a weekly
rise of 0.6%.
The Nasdaq Composite (RIXF) gained 8.47 points, or 0.2%, to
4,162.81. The tech-laden index is set for a weekly jump of
1.8%.
Sales of new single-family homes rose 6.4% to 433,000 last
month, led by the South and Midwest, the government reported
Friday. Economists polled by MarketWatch had expected an April
sales pace of 429,000.
Colin Cieszynski, senior analyst at CMC Markets, predicted a
relatively quiet end to the week, as investors look ahead to
Memorial Day weekend.
"Stock markets around the world are trading flat to slightly
higher to wrap up the week," he wrote in emailed comments early
Friday.
"It's a long weekend in the U.S. and U.K. and with news flow
relatively quiet, traders appear to be squaring positions and
heading off in an upbeat mood."
While the S&P 500 is around record levels, Cieszynski on
Friday didn't see the benchmark having the power to make a decisive
move higher. The S&P 500 is "trading near the top of its
1,820-1,900 channel," but it "may not have enough oomph to push
through," he said.
On the earnings front, GameStop Corp.'s(GME) stock was last up
5.6% after the retailer reported gains in profit and revenue late
Thursday.
Hewlett-Packard Co.(HPQ) was last up 4.9% after its quarterly
report and announcement of more job cuts. (Read more: GameStop,
Foot Locker rise; Aeropostale slumps
http://www.marketwatch.com/story/gamestop-foot-locker-rise-aeropostale-slumps-2014-05-23.)
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