NEW YORK --- Stocks edged higher Friday, extending a rally that began nearly two weeks ago, as investors hold on to their newfound optimism about the economy.
The Dow Jones industrial average rose 47 points in very light trading. It was the seventh day of gains out of the past eight for the index. Treasury prices eased as traders became more willing to take on risk.
Stocks have escaped their August doldrums and moved steadily higher in September thanks to a series of encouraging signals on the economy. The latest came Friday morning with a report that wholesale inventories shot up in July, a sign of confidence that retail sales will pick up.
"It's becoming more evident that confidence by consumers and the labor market is improving," said Tim Speiss, the chairman of EisnerAmper's Personal Wealth Advisors practice. "It's tepid; it's weak; but it's progress."
The energy sector got a lift from a jump in oil prices. Oil climbed about 2 percent after a pipeline that delivers oil to Midwest refineries was shut down.
Oil companies such as Chevron Corp. and Schlumberger rose on the news.
The market's September rally has paused only once so far, when concerns resurfaced about European banks. European markets fluctuated Friday after a report that German banking giant Deutsche Bank is considering raising new cash through a stock sale.
Many of the recent improvements in economic indicators have been incremental but, given the deep pessimism about the economy that had set in during August, even faint glimmers of hope on the job market and other parts of the economy, such as trade, have been enough to please investors.
"There's been so much negativity that it doesn't take much in terms of data beating expectations to propel the market," said Hank Smith, the chief investment officer at Haverford Investments.
The Dow rose 47.53, or 0.5 percent, to close at 10,462.77. That's the highest close since Aug. 10, but it's still only up 0.3 percent this year.
Broader indexes also rose. The Standard & Poor's 500 index rose 5.37, or 0.5 percent, to 1,109.55, while the Nasdaq composite index rose 6.28, or 0.3 percent, to 2,242.48.
About two stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume was extremely low at 3.1 billion shares.
ANOTHER UPTICK: The Dow Jones industrial average closed up 47 points, its seventh day of gains out of the past eight.
STRONG OIL: Oil companies such as Chevron Corp. were among the biggest gainers, thanks to a 2 percent bump in the price of crude.
MORE ON THE ECONOMY: The good news kept coming on the economy. Wholesale inventories shot up in July, a sign of confidence that retail sales will pick up.
The DOW is up .03% for this year and down 25% from when the Dem congress began manipulating the economy. Is the obama effort going to help the American economy? No! That isn't it's mission.
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