8:23 am - Finally, DJIA has broken 12700 resistance and we are heading for higher FKLI in coming days !

8:17 am - DJIA up +228 pointing to a strong day for FKLI on Monday !

NEW YORK (AP) - Wall Street topped off a strong week with a big rally Friday, after results from companies such as Citigroup Inc. and Google Inc. helped ease investor anxiety about the health of corporate profits. Investors have been worried that recent data indicate a slowing economy,which would cut into profit growth at some of the nation's biggest companies.But, results so far have shown that earnings, for the most part, are meeting orbeating expectations, and the major indexes all posted gains of more than 4percent for the week. Citigroup, the nation's biggest bank, encouraged investors with results thatdidn't contain any big surprises. The New York-based bank reported a loss of$5.1 billion during the first quarter because of poor bets on mortgages andleveraged loans, but the loss was half the $10 billion recorded for thepreceding quarter. Google helped boost investor sentiment, as well as the tech-heavy Nasdaqcomposite index, by reporting first-quarter earnings and revenue growth thathandily topped analysts' predictions. "This is the first week of earnings reports, and the marquee companies ingeneral have been able to report good earnings, and the banks have been able toraise capital, and the market is responding to that," said Subodh Kumar, globalinvestment strategist at Subodh Kumar & Assoc. in Toronto. The Dow Jones industrial average jumped 228.87, or 1.81 percent, to12,849.36. Broader stock indicators also showed sizable advances. The Standard & Poor's500 index increased 24.77, or 1.81 percent, to 1,390.33, and the Nasdaq rose61.14, or 2.61 percent, to 2,402.97. Advancing issues outnumbered decliners by more than 3 to 1 on the New YorkStock Exchange, where consolidated volume came to 4.12 billion shares comparedwith 3.6 billion shares traded Thursday. The gains come at the end of a big week for stocks. After a quiet start tothe week, the major indexes surged more than 2 percent Wednesday after JPMorganChase & Co., Intel Corp. and Coca-Cola Co. reported better-than-expectedprofits. Stocks then finished mixed Thursday, largely holding their gains. Forthe week, the Dow rose 4.25 percent, the S&P 500 gained 4.31 percent and theNasdaq jumped 4.92 percent. Bond prices rose after initially declining when stocks rallied. The yield onthe benchmark 10-year Treasury note, which moves opposite its price, fell to3.70 percent in late trading from 3.73 percent late Thursday. And investors appeared unfazed by the latest spike in energy prices. Oiljumped to $117 a barrel for the first time when a militant group in Nigeria saidit sabotaged a major oil pipeline. Light, sweet crude for May delivery rose to a new trading record of $117 inafter-hours electronic trading Friday, after settling up $1.83 at a record$116.69 a barrel on the New York Mercantile Exchange. It was the fifth day in arow crude prices set new records. Meanwhile, a survey of gas stations by AAA and the Oil Price InformationService found that the national average price of regular gas rose 2.7 centsovernight to a record $3.445 a gallon. Gold prices fell, while the dollar was mixed against other major currencies. Kumar contends that while investors appear upbeat following thestronger-than-expected quarterly reports, Wall Street will likely still bouncearound for some time as it tries to get a read on the fate of the economy. "The market is trying to find a bottom and that's why you're seeing thesevolatile days," he said. "I think before one can say that the markets are readyto make a sustained move upward, you have to look at the negative side," hesaid, pointing to high prices for oil and food. He also emphasized that it was still early in the earnings-reporting period. Doug Roberts, chief investment strategist at Channel Capital Research, alsobelieves the market is engaged in the sometimes messy process of establishing abase. "My sense is, at least short term, we've reached some kind of a bottom," hesaid. "There was just so much pessimism built into everything." Unease did appear to dissipate. Wall Street's "fear index" -- the ChicagoBoard Options Exchange's volatility index -- declined 1.2 percent Friday. On a day with little economic news, corporate reports peeled away some ofWall Street's worries. Citigroup closed up $1.08, or 4.5 percent, to $25.11, while Google surged$89.87, or 20 percent, to $539.41 after the companies issued their reports. Heavy equipment maker Caterpillar Inc. rose $6.69, or 8.5 percent, to $85.28after reporting that demand for its global mining and energy products drovefirst-quarter earnings up a better-than-expected 13 percent. The company alsoaffirmed its 2008 forecast. The Russell 2000 index of smaller companies rose 13.07, or 1.9 percent, to721.07. Overseas, Japan's Nikkei stock average rose 0.58 percent. Britain's FTSE 100finished up 1.27 percent, Germany's DAX index rose 2.41 percent, and France'sCAC-40 rose 2.05 percent. The Dow Jones industrial average ended the week up 523.94, or 4.25 percent,at 12,849.36. The Standard & Poor's 500 index finished up 57.50, or 4.31percent, at 1,390.33. The Nasdaq composite index ended the week up 112.73, or4.92 percent, at 2,402.97. The Russell 2000 index finished the week up 32.91, or 4.78 percent, at721.07. The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted indexthat measures 5,000 U.S. based companies -- ended Friday at 14,017.30, up 562.06points, or 4.18 percent, for the week. A year ago, the index was at 14,909.05. Copyright 2008 Associated Press. All rights reserved. This material may not be