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U.S. stocks on Friday opened with a modest rebound from the prior day's losses, but the gains could be hindered as oil prices ran up to levels not seen since September 2008. The Dow Jones Industrial Average rose 29 points to 12,439. The Standard & Poor's 500 Index climbed 3 points to 1,337. The Nasdaq Composite added 7 points to 2,803. Instead of preannouncements to start the quarter, we have companies raising guidance. Tempur-Pedic is up 13% after lifting earnings estimates last night. The stocks also received an upgrade. Disk drive maker, Seagate is up 8% after raising guidance and receiving an upgrade. Western Digital is also higher. The techs in general opened higher, but then sold off. Corning is lower even though they continue to say there is no production disruption in Japan. NetApp is lower on a downgrade. Akamai and F5 Networks are higher on upgrades. The financials opened higher, but then sold off. Jefferies is lower after raising cash in a stock offering. Goldman Sachs looks good after investing in a Chinese insurance company. The retail space continues to act well. William Sonoma and Pier 1 are higher on upgrades. Target is higher even though it was downgraded. As oil moves higher, the commodity sector continues to perform great. Only Monsanto is trading lower following disappointing earnings earlier in the week. Through the morning the averages gravitating back to the unchanged level. It seems that investors are waiting for the start of earnings season next week. In the afternoon the selling accelerated with only a few stocks left in the green. The oils are one of the few sectors still in the green. The Dow fell as much as 90 points before rebounding in the last hour. The Nasdaq only fell 23 points before rebounding in the last hour. Volume is low and lackluster. The Dow Jones Industrial Average finished down 29 points at 12,380, with just eight of its 30 components able to advance. The Standard & Poor's 500 Index fell 5 points to 1,328, as financials and industrials struggled. The energy group outperformed the benchmark's 10 industry groups. The Nasdaq Composite Index lost 15 points to 2,780. For the week, the S&P 500 and the Nasdaq Composite each fell 0.3%, but the Dow industrials pushed out a tiny gain of 0.03%.
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