1:47 pm - Dow ends up 43 pts as many investors overcome economic worries

NEW YORK (AP) - businessminute Wall Street ended its second straight winning week with a moderate advanceFriday, overcoming concerns about consumer confidence and inflation. After slumping early in the session in response to weak consumer confidenceand a spike in oil prices, investors seemed to turn their attention to broadersigns, including the week's generally satisfactory earnings reports, thatsuggested that government efforts to steady the economy appear to be working.That shift in focus sent stocks up late in the day. Although the Reuters/University of Michigan consumer sentiment index came inwith its lowest reading since the early 1980s, Tom Lydon, president of GlobalTrends Investments in Newport Beach, Calif., said companies' first-quarterreports convinced investors that "overall, things aren't all that bad." "I think a lot of people went into the weekend feeling they didn't want tobe on the short side," Lydon said. The consumer sentiment index fell to 62.6 for April from 69.5 a monthearlier, reflecting Americans' concern about rising energy and food prices. While consumer spending represents about 70 percent of the economy, UBSequities strategist David Bianco said "it's the wrong thing to be looking at togauge the prospects" for the Standard & Poor's 500 companies. "Business activity is strong in the U.S. and especially globally," he said."That's far more important." The Dow Jones industrial average gained 42.91, or 0.33 percent, to12,891.86, after falling more than 100 points earlier in the session. The Dowclosed the week with a gain of less than 1 percent. Broader stock indicators were mixed on the day. The S&P 500 index gained9.02, or 0.65 percent, to 1,397.84, and rose 2.1 percent for the week. The Nasdaq composite index, depressed by disappointment with a MicrosoftCorp. forecast, fell 5.99, or 0.25 percent, to 2,422.93, after dropping as muchas 1.6 percent during the session. But advancers were well ahead of decliners inthe broader Nasdaq Stock Market, and for the week, the Nasdaq gained 1.4percent. Advancing issues outpaced decliners by 2 to 1 on the New York StockExchange. Consolidated volume came to 3.72 billion shares, down from 4.34billion shares on Thursday. Bond prices fell ahead of the Federal Reserve's meeting on interest ratesnext Wednesday. The yield on the benchmark 10-year Treasury note, which movesopposite its price, rose to 3.87 percent from 3.83 percent late Thursday. Oil prices, meanwhile, jumped on a series of troubling events overseas,including word that a ship under contract with the U.S. Navy fired flares andwarning shots at two small boats of unknown origin in the Persian Gulf. Oil wasup earlier following an attack on a pipeline in Nigeria and a looming refinerystrike in Scotland; light, sweet crude shot as high as $119.50 a barrel on theNew York Mercantile Exchange before falling back to settle at $118.52, up $2.46. Craig Hester, chief executive at Hester Capital Management in Austin, Texas,said stocks will likely fluctuate as investors digest corporate results fromthis week and while they await the Fed rate decision. "The big risks I see for stocks right now are earnings," he said, addingthat next week's economic data should also help give investors a better picture,with reports due on the nation's gross domestic product and employment. Investors could also get further insights into the health of the consumernext week with reports due from names like Tyson Foods Ind., Kellogg Co., KraftFoods Inc., Burger King Holdings Inc. and Procter & Gamble Co. But so far, "the earnings have come in on the financial side pretty muchwhere people expected and in terms of the industrial side a little bit betterthan expected," said Charlie Smith, chief investment officer at Fort PittCapital Group in Pittsburgh. "Consumers were a little bit weaker than expected.So you net all those together and the earnings season is turning out as peoplethought it would before it started." Microsoft fell $1.97, or 6.2 percent, to $29.83, after its first-quarterreport. The tech leader said after the closing bell Thursday that worldwidesales next year should offset weakness in the U.S. economy. Goodyear Tire & Rubber Co. rose $1.66, or 6.1 percent, to $28.91 afterposting a first-quarter profit amid increased revenue. The tiremaker, whichreported a loss for the same period a year earlier, said it focused onhigher-priced tires and international markets. American Express Co. rose $2.59, or 5.7 percent, to $47.77 after reportingits first-quarter earnings fell 6 percent as more U.S. cardholders failed tomake their payments. The credit card lender's total provisions for credit lossesjumped 48 percent from a year earlier to $1.27 billion. However, the companysaid cardholders are continuing to spend and that strength abroad has helpedmake up for troubles in the U.S. The Russell 2000 index of smaller companies rose 4.81, or 0.67 percent, to721.88. Overseas, Japan's Nikkei stock average closed up 2.28 percent. Britain'sFTSE 100 rose 0.67 percent, Germany's DAX index advanced 1.10 percent, andFrance's CAC-40 rose 0.99 percent. The Dow Jones industrial average ended the week up 42.50, or 0.33 percent,at 12,891.86. The Standard & Poor's 500 index finished up 7.51, or 0.54 percent,at 1,397.84. The Nasdaq composite index ended the week up 19.96, or 0.83percent, at 2,422.93. The Russell 2000 index finished the week up 0.81, or 0.11 percent, at721.88. The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted indexthat measures 5,000 U.S. based companies -- ended Friday at 14,089.21, up 71.91points, or 0.51 percent, for the week. A year ago, the index was at 15,110.41. Copyright 2008 Associated Press. 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