The Standard & Poor's 500 has wiped out almost all of its loss for the year after a big slump in January, and it is now just 10 points below its record close of 1,848 on
Stocks slumped last month because of concerns about the outlook for growth in
"For all practical purposes, we're back," said
For the week, the S&P 500 rose 2.3 percent. The Nasdaq composite rose to 4,244.03, its highest close since
The stock market got a lift on Tuesday when
The stock market started lower Friday after news that U.S. factory output fell sharply in January. Manufacturers made fewer cars and trucks, appliances, furniture and carpeting, as the recent cold spell ended five straight months of increased production.
The Federal Reserve said factory production plunged 0.8 percent in January, following gains of 0.3 percent in both December and November.
Investors are hopeful that much of the weakness seen in recent economic reports is due in large part to the unusually cold winter weather this year, said
Among the big gainers,
About 80 percent of the companies in the S&P 500 have now reported earnings for the fourth quarter, according to S&P Capital IQ. Earnings are forecast to rise 7.8 percent compared with the same period a year ago and 5.6 percent in the third quarter of 2013.
Among the day's losers were clothing retailer Men's
U.S. financial markets will be closed Monday for
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