A quiet day on Wall Street ended Friday with major stock indexes little changed after a big rally the day before. The Dow Jones industrial average closed out its fifth week of gains, its longest winning streak since January.

The Dow edged up 23 points, or 0.2 percent, to finish at 12,231.11. Stock indexes jumped more than 3 percent Thursday after European leaders unveiled a plan to expand their regional bailout fund and take other steps to contain the debt crisis in Greece.

Optimism ebbed on Friday as analysts raised questions about the plan, which left out many key details about how the fund would work. European markets mostly fell, and the euro declined against the dollar.

“It’s a kind of sobering-up after a day of partying,” said Jerry Webman, chief economist with Oppenheimer Funds. “We got back to what’s more of a square position, closer to where we want to be, and now we’re going to take a couple of deep breaths and reassess what this really means.”

There are still plenty of obstacles to overcome before the crisis is resolved. One troubling sign: Borrowing costs for Italy and Spain increased, signaling that traders remain worried about their finances.

The S&P 500 rose less than a point to 1,285.09. The Nasdaq composite fell 1.48, or 0.1 percent, to 2,737.15.

Advertisement

In less than four weeks, the Dow has risen 14.8 percent from its 2011 low, reached on Oct. 3. The S&P has gained 17 percent. However, the Dow remains 4.5 percent below this year’s high, reached on April 29. The S&P is 5.8 percent below its high.

The Dow surged 3.6 percent for the week; the S&P and Nasdaq each gained 3.8 percent. Both indexes are on pace to have their best month since January 1987.

Demand for Treasurys increased sharply Friday, pushing the yield on the 10-year Treasury down to 2.33 percent.

 


Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.