Market up, despite caution over Greece’s financial state

U.S. stocks on Friday closed higher for the week, with bullish sentiment curbed a bit ahead of a long weekend that’s expected to include resolution on another round of financial aid to Greece.

“The market is betting there is not going to be a disorderly default in Greece, but there is still some caution ahead,” said Nick Raich, director of research with Key Private Bank in Cleveland.

Euro-area finance ministers will meet in Brussels on Monday, when U.S. markets are closed for the Presidents Day holiday.

Within reach of the 13,000 milestone last hit in mid-2008, the Dow Jones Industrial Average rose 45.79 points, or 0.4 percent, to 12,949.87, a 52-week high and its highest close since May 19, 2008. The blue chips finished with a weekly rise of 1.2 percent.

Up 1.4 percent from the week-ago close, the S&P 500 Index gained 3.19 points, or 0.2 percent, to 1,361.23, with the consumer discretionary rising the most among its 10 industry groups and health care taking the hardest hit.

The Nasdaq Composite fell 8.07 points, or 0.3 percent, to 2,951.78, leaving it up 1.7 percent on the week.

Gilead’s shares drop over hepatitis C drug’s results

Gilead Sciences Inc.’s shares plunged Friday after the drugmaker said a promising hepatitis C treatment it acquired as part of the $11 billion Pharmasset purchase may need help from other drugs to effectively treat some patients.

The Foster City, Calif., company said some patients in a small portion of a midstage study relapsed after completing a treatment that combined the company’s potential drug and ribavirin, an older medicine. Gilead executives told analysts they may have to add additional antiviral drugs to that combination or extend the length of treatment.

Company shares had climbed 47 percent over the past two months from around $37 to top $54. But the stock sank nearly 15 percent, or $8.07, to $46.74 in afternoon trading while the Nasdaq exchange fell slightly.

Colorado bill would allow gold, silver as currency

Worried that the U.S. dollar may not be good as gold, some Colorado lawmakers are pushing a bill to legalize gold and silver coins as usable currency.

The bill would not lead to folks carrying gold nuggets in their purses and would have little practical effect.

Rather the policy proposal from a small group of conservative lawmakers reflects anxieties about the nation’s financial stability, the domestic consequences of the European debt crisis and chronic deficit spending in Washington.

“There are lots of concerns about the U.S. monetary system,” said the bill’s sponsor, Republican Sen. Kent Lambert of Colorado Springs. “Individuals and states ought to be increasing their gold reserves. There’s no way to maintain the value of anything if countries start a race to the bottom by inflating their currency to get out of debt.”

Republican presidential candidate Ron Paul is among those who believe the nation should return to the gold standard, in which paper currency is guaranteed by precious metal.

— From news service reports