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Nasdaq Sits Out Broad Gain After Earnings Warning.(B)
Byline: CHRIS GESSEL
The stock market ranged from treacherous to tempting on Friday.
Decent economic data helped the Dow industrials, S&P 500 and small-cap S&P 600 take the first step in another attempted rally.
But chip-equipment bellwether Applied Materials warned it expects soft first-quarter orders. That derailed the tech-heavy Nasdaq. The culprits? As usual, the sluggish economy and war fears.
The Midwest manufacturing economy was surprisingly strong in January. The Chicago purchasing managers index popped up to 56, far above last month's 51.7 and higher than expectations of 53. Any reading over 50 indicates expansion. The Chicago data raised hopes for the national manufacturing survey from the Institute for Supply Management. That report, which will be released Monday, unleashed the market's failed January rally.
Personal income grew 0.4% in December, its best pace since June and double expectations.
Most of the market seized on the good data. After dipping below Thursday's lows, the Dow and S&P 500 turned around and worked higher. The Dow closed up 1.4%. The S&P finished a step behind with a 1.3% gain.
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