The market turned in a strong scorecard on Friday.Although trading volume remains thin,all the major averages gained more than 2% for the week.The Dow added 2.40%,while the NASDAQ notched 2.80 and the S&P climbed 2.04.The tech sector powered the rally on good earnings reports from Intel,IBM and Microsoft,although Google issued a poor one.The market was also cheered by a positive existing home sales number,up 5% to an 11-month high.
The Los Angeles Lakers were not cheerful on Friday night,however.Their road record fell to 1-6 as they were held to a season low 80 points by the Orlando Magic in Florida,falling by a score of 92-80.Dwight Howard led the Magic with 21 points and 23 rebounds,while Kobe Bryant continued his excellent season for the Lakers with 32 points.Howard attributed their success to the fact that they decided to play good defense,and his offensive approach was just to attack.
Commentator and former NBA star Magic Johnson noted that,although the Lakers were shooting 28%,they continue to shoot jump shots.I don't understand that.A lot of guys are open for a reason.When you struggle,you've got to take it to the basket,Johnson said.
The market will have plenty to digest next week as a torrent of data and earnings reports pour in.McDonald's,Apple,Procter&Gamble and AT&T are among the giant companies reporting,while durable goods,new home sales,consumer sentiment and Leading Economic Indicators figures will also be released.Europe and Iran may continue to factor into trading as well.
On Friday evening,the S&P futures edged up 0.40,and bond index futures fell.
McDonald's(MCD),Apple(AAPL),Proctor&Gamble(PG),AT&T(T)
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