Stocks ended their best week of the year on a mixed note Friday, with blue chips gaining on a better than expected existing home sales report that eased slowdown fears.
For the week, the major indexes gained more than 3%, their best showing since July 2006.
Tech stocks lost ground despite another round of merger news, with Kronos jumping 14% on plans to go private. Openwave
lost ground on a new CEO and news that the company is exploring a possible sale. OmniVision
was another gaining on takeover speculation.
Palm edged higher on its results and takeover speculation.
Bell Fuse soared on a takeover offer from Technitrol
.
Vonage plunged after losing a legal round to Verizon
.
Jabil tumbled 10% on a warning, while 3Com
edged higher on its results.
The Nasdaq lost 3 to 2449, the S&P 500 added 1 to 1436, and the Dow rose 20 to 12,481. Volume declined to 2.56 billion shares on the NYSE, and 1.7 billion on the Nasdaq. Advancing issues led by an 18-13 margin on the NYSE, and 16-14 on the Nasdaq. Upside volume was 60% on the NYSE, and 49% on the Nasdaq. New highs-new lows were 188-13 on the NYSE, and 136-32 on the Nasdaq.